Ziegler announced the pricing of Twin Lakes Community’s $35.31 Series 2025A and 2025B bonds. Twin Lakes Community operates a not-for-profit, fee-for-service CCRC on 215 acres in Burlington, North Carolina. Since opening in 1983, Twin Lakes has grown to include 482 independent living, 36 assisted living, 32 memory care and 104 health care units.
Having recently completed construction and fill-up of Stockton Phase 1, a 48-unit IL apartment building, Twin Lakes is now preparing to launch Phase 2 of the Stockton project. This next phase will include an additional 36 IL apartments, ranging from 1,046 to 1,939 square feet. At the time of pricing, 100% of the new units were pre-sold with a 10% entrance fee deposit.
The Series 2025 bonds consist of two primary tranches of BBB-rated (Fitch) public fixed-rate bonds, issued through the North Carolina Medical Care Commission. Proceeds of the Series 2025 bonds and other available funds will be used to finance the costs of the project, fund a portion of interest during construction and fill-up, and cover certain expenses related to the issuance of the Series 2025 bonds.
Ziegler has partnered with Twin Lakes on multiple financings over the years to support a campus reinvestment process, beginning with a new healthcare center and continuing through renovated common areas and two new phases of apartments.
