Ziegler Issues Bonds For Large CCRC Acquisition

Ziegler Issues Bonds For Large CCRC Acquisition

A large CCRC portfolio sold to The Trousdale Foundation, a Boston-based not-for-profit owner/operator, thanks in part to a $200.57 million bond financing arranged by Ziegler. Totaling nearly 1,600 beds and units, the portfolio features three CCRCs in Dayton, Ohio, Nashville, Tennessee, and Sebring, Florida, and one skilled nursing/assisted living facility in Cincinnati, Ohio. They were originally acquired from 2001 to 2011 by the seller, Covington Senior Living. In those transactions, the CCRCs sold for between $35,000 and $40,000 per bed/unit, while the fourth facility was originally purchased for close to $100,000 per bed/unit. The communities are on the older side (built in the 1970s... Read More »