Ziegler closed bond financing for Cedar Crest, Inc. to expand its 274-unit CCRC campus in Janesville, Wisconsin, and to refund outstanding debt. The financing is comprised of $57.46 million of Series 2022A fixed rate revenue bonds issued through the Wisconsin Health and Educational Facilities Authority and $30 million of bank debt directly purchased by BMO Harris Bank. Proceeds of the debt will pay off the outstanding Series 2013 bonds and also fund a debt service reserve fund, fund interest on the bonds and pay certain costs of issuance.
The expansion project will add a new 24-unit independent living building and a replacement 76-unit assisted living building on the campus. In addition, ownership will renovate both a portion of the existing AL units into 16 memory care units and the health center to incorporate a new therapy gum and updated common areas. Finally, a new clubhouse will be built. The campus currently includes 102 IL units, 33 cottages, 44 AL units, 24 MC units and a 71-bed skilled nursing center.
