With financing in hand from Ziegler, a not-for-profit CCRC in North Carolina is embarking on an expansion project to increase both its independent living and transitional care offerings. Set on 72 acres in High Point, Pennybyrn at Maryfield’s currently consists of 180 independent living units split between 131 apartments and 49 cottages, 24 assisted living units, 24 memory care units and 125 skilled nursing beds. It is owned and operated by Maryfield, Inc., which was incorporated in 1947 by the Congregation of the Poor Servants of the Mother of God, an order of the Roman Catholic Church.
This is not the first time Ziegler has worked with Maryfield, Inc., having a relationship with the sponsor dating back to 2005 when it arranged a fixed-rate bond series and more recently closing a $66.135 million tax-exempt bond financing in 2015 for the CCRC to refund all of the outstanding 2005 bonds.
Now, the community is planning to add 42 new independent living units, of which nearly 75% are already presold, and a new transitional rehabilitation center that will feature 24 private rooms and a therapy facility. Maryfield will also make other additions and improvements throughout the community, as well as updates and refurbishments to the exteriors of the buildings.
The costs of those projects will be funded by $47.84 million in both Series A and B bonds. Maryfield will also have a debt service reserve fund, pay interest on the Series 2020 Bonds and pay certain fees and expenses incurred in connection with the sale and issuance of the bonds.
