Ziegler successfully funded a major expansion of a not-for-profit CCRC in Durham, North Carolina. The Forest at Duke, which is located just south of the Duke University campus, opened in 1992 as a Type-B community. It currently serves over 360 residents across 154 independent living apartments, 88 IL cottages, 34 assisted living units and 58 licensed skilled nursing beds, four of which are certified for Medicare and none for Medicaid.
The board decided it was time to expand and released plans to add a replacement health and wellness center that will include 32 assisted living and 58 skilled nursing units in a “small house” format in a five-story building. Each household will consist of 10 private rooms and include living, kitchen and dining rooms as well as a den and covered balcony.
So, to fund the costs of the projects, as well as a portion of interest costs and certain fees in connection with closing the transaction, Ziegler underwrote $44.415 million of bonds. Ziegler has worked with this client for nearly 20 years, and it seems to be a fruitful partnership for both.
