Ziegler announced the closing of RiverWoods Exeter’s Series 2024 bonds totaling $39.68 million of par amount for the senior living finance practice. RiverWoods is a not-for-profit that owns/operates a three campus CCRC in Exeter, which is within the Seacoast Region of New Hampshire. These campuses reside on a contiguous parcel of over 200 acres.
The operations of The Woods, The Ridge and The Boulders campuses began in 1994, 2004 and 2010, respectively. Across its three campuses, RiverWoods includes 393 independent living units, 71 assisted living units and 78 nursing beds for a total of 542 units. Riverwoods is also affiliated with two other CCRC’s managed by a supporting corporation, the RiverWoods Group, in Durham and Manchester, New Hampshire, respectively.
Proceeds of the Series 2024 bonds will be used to refinance the outstanding Series 2012AB bank loans and fund costs of issuance related to the financing. The bonds are rated A- by Fitch and will have level annual debt service payments through October 1, 2038.
