Ziegler closed two series of revenue bonds for Plymouth Place, an Illinois not-for-profit that owns and operates a CCRC in La Grange Park, Illinois. Incorporated in 1939 on about 18.6 acres, the campus includes 182 independent living units, 52 assisted living units, 26 memory care units and 82 skilled nursing beds. Ownership wished to expand by building 59 new independent living units within one two-story building, two three-story buildings, one four-story building and related common areas, parking and equipment. The units are expected to open in early 2024. A connector building with additional common areas will also be built, along with outdoor amenities like a yoga lawn, bocce ball and pickleball courts.
Bond proceeds will help fund the expansion, the new connector building and certain renovations to an existing building that will include a new salon/spa, pub and marketplace. Totaling $99.86 million, the bonds were split between a tax-exempt, fixed-rate series with final maturity in 2058 and a group of short-term bonds that are also tax-exempt and fixed-rate. The Series 2022B bonds are short-term TEMPS-80SM, TEMPS-60SM and TEMPS-40SM bonds expected to be redeemed using resident initial entrance fees at 80%, 60% and 40% occupancy of the new IL units. TEMPS, or tax-exempt mandatory paydown securities, have call provisions that allow them to be repaid on a monthly basis during the fill-up period following construction. The Illinois Finance Authority issued the bonds.
