Ziegler announced the closing of $58.1 million in bond financing for a CCRC in North Carolina. Built in 1983, Twin Lakes community is a not-for-profit CCRC that comprises 434 independent living units, 36 assisted living units, 32 memory care assisted living units and 104 health care units on 215 acres of land in the town of Elon. After being renovated in 2019 with the construction and replacement of the skilled nursing facility, Twin Lakes is now planning a 48-unit independent living expansion known as the Stockton Apartment Building.
The project will be financed with Series 2022A bonds issued through the North Carolina Medical Care Commission that are structured in two tranches. First was a $45.1 million long-term, draw-down, bank-held bond with a 15-year commitment and an accreting swap. Next was a $13 million intermediate-term bond that is also a draw-down, bank-held bond to be repaid with initial entrance fees from the project.
