Ziegler placed and closed a $38 million revenue bond series for Christian Retirement Homes to finance an expansion of its CCRC campus in Lincoln, Nebraska. Opened in 1968, the not-for-profit community has grown over the years to now include 121 independent living units, 53 assisted living units and 22 skilled nursing beds in four residential buildings. In 2017, Transforming Age affiliated with the not-for-profit to provide governance, management and financial support of the campus.
Management decided to expand with a new four-story building that will house 50 independent living units. Plus, they wanted to convert 10 assisted living units into five penthouse independent living units. Several common areas and amenities will also be added, including a new pool, fitness center, performing arts center, bistro, new entrance and outdoor spaces. All of the buildings will then be connected internally by a one-story circulation path.
To fund these projects, Ziegler sold $38 million of bonds to Washington Federal Bank, which will also cover an estimated 26 months of interest rate cost.
