Ziegler served as exclusive financial advisor to raise $20.5 million in financing on behalf of Phorcys Capital Partners to acquire The Glen at Lake Oconee Village, a senior housing community in Greensboro, Georgia. PCP was previously the supermajority creditor on the municipal bonds issued to finance the construction of the project. The company purchased the community for $26.45 million, or $232,000 per unit. The community was built in 2017 with 28 independent living, 68 assisted living and 18 memory care units. It is situated on Lake Oconee, between Atlanta and Augusta, Georgia. The facility will continue to be operated by SRI Management.
The community was in receivership, but Phorcys was able to stabilize the community’s financial performance quickly following its takeover. Phorcys was previously the supermajority creditor on the municipal bonds issued to finance the construction of the project. Stride Bank N.A. provided the loan, and Ziegler’s Christopher Utz negotiated the transaction.
