When Vermont’s first CCRC, Wake Robin, was ready to expand its services and its campus to accommodate for its growing demand, it turned to Ziegler to arrange a $67.1 million bond financing to fund the project. Situated near Lake Champlain in a wooded 123-acre campus with many walking trails, the not-for-profit community got its start in 1984 and currently features 212 independent living, 51 skilled nursing and 31 residential care units.
However, strong demand led the owners to expand each of the CCRC’s offerings, adding 38 new independent living units, 10 residential care units, six skilled nursing units, in addition to renovating the common areas and the existing skilled nursing facility. Greenbrier Development acted as development consultant for the project.
The Series 2017A-C fixed-rate bonds will be used to refinance all of the CCRC’s Series 2006B bonds, finance the expansion project, fund a debt service reserve fund and pay the costs of issuance. M&T Bank purchased the Series B and C bonds, while the Series A bonds were sold to 13 institutional investment funds.