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Amherst nursing homes seek refinancing

Directors of the Amherst Industrial Development Agency and Town of Amherst Development Corp. will consider a pair of refinancing requests for nursing and senior care facilities when they meet Friday.

Asbury Pointe, part of Beechwood Continuing Care, is seeking to “refund and refinance” a tax-exempt bond issued by the Amherst IDA on its behalf in 1999, to take advantage of significantly lower interest rates.

The bond was originally issued to support construction of Asbury Pointe, a senior living community at 50 Stahl Road, with 5.3 acres.

According to Amherst IDA documents, the new bond, which will not exceed $6.5 million, will refinance the $6.18 million outstanding on the 1999 bonds. The bonds will be purchased by Buffalo-based M&T Bank Corp.

The refinancing will not affect the existing payment-in-lieu-of-taxes agreement on the property, which expires in 2014.

In the second transaction, Weinberg Campus on North Forest Road wants to modify its October 2010 tax-exempt bond issue by supplementing the existing principal balance of the bonds with an additional “collateral” mortgage to the Amherst Development Corp. The town agency would then assign that mortgage to M&T.