A large CCRC is being built in Durham, New Hampshire thanks to a $110.48 million bond financing closed by Ziegler. There is clear interest in the development (and the marketing team must have done its job well), as once the community began accepting pre-sale deposits on January 15, 2018, it took just over a month to sell out with a 67-person wait list. Not too shabby. The community will feature 150 independent living units, 24 assisted living units, 24 memory care units and 24 skilled nursing beds on an 11-acre campus.
Ziegler was engaged as placement agent for $52.98 million in Series A permanent bonds and $45.4 million in Series B temporary bonds issued through the New Hampshire Health and Educational Facilities Authority, in addition to closing a $12.1 million subordinated note. Ziegler also distributed a bank credit solicitation package, ultimately selecting TD Bank and SunTrust Bank as co-lead banks and People’s United Bank as participant bank, which will be providing tax-exempt, non-bank qualified bonds for both series of debt. The banks offered a 10-year commitment on the Series A bonds and a 40-month commitment on the Series B bonds.
On the equity side, the community’s parent company, The RiverWoods Group, will provide $2 million as well as a $4.5 million limited unconditional guarantee, which will burn off upon stabilization.