Leisure Technology Starts Work on N. J. Retirement Complex

Los Angeles-based Leisure Technology has closed $25 million in financing for its first LeisureCare retirement community and has started construction in Lakewood, N. J.

The financing included $15.3 million in tax-exempt bonds issued by the New Jersey Housing Mortgage Finance Agency, the first tax-exempt bond financing for a congregate retirement community in the state, according to Michael L. Tenzer, chairman and chief executive officer of Leisure Technology. Additional financing includes a $3.7 million construction loan and equity provided by a limited partnership and the company.

The LeisureCare Division has also otained an option on a site in Wheeling, Ill., a suburb of Chicago, for a second retirement community of about 200 rental apartments with health care services and recreational amenities, and the company is seeking other sites in California, New Jersey, Florida and Illinois.