Ziegler Funds CCRC Expansion Project in North Carolina
With financing in hand from Ziegler, a not-for-profit CCRC in North Carolina is embarking on an expansion project to increase both its independent living and transitional care offerings. Set on 72 acres in High Point, Pennybyrn at Maryfield’s currently consists of 180 independent living units split between 131 apartments and 49 cottages, 24 assisted living units, 24 memory care units and 125 skilled nursing beds. It is owned and operated by Maryfield, Inc., which was incorporated in 1947 by the Congregation of the Poor Servants of the Mother of God, an order of the Roman Catholic Church. This is not the first time Ziegler has worked with Maryfield, Inc., having a relationship with the... Read More »
Ziegler Secures Large Bond Financing for Texas Project
Ziegler announced a large bond financing to fund the development of a not-for-profit senior living community in Fort Worth, Texas. The sponsor, Methodist Retirement Communities (MRC), will add 172 independent living, 40 assisted living and 24 memory care units to its portfolio with the project, which is set on about 19 acres in Tavolo Park, a new master-planned commercial and residential community in southwest Fort Worth. MRC also brought in Greystone to act as development consultant and operator for the community until the end of the second fiscal year after it achieves stabilized occupancy. Thereafter, MRC will assume management of the... Read More »
Long Bankruptcy Process Ends with CCRC Sale in Tampa
A years-long bankruptcy process for a large CCRC in Tampa, Florida has finally concluded with a new not-for-profit owner stepping in, BRP Senior Housing Management (an affiliate of Big Rock Partners) now operating it and Ziegler closing a nearly $70 million bond financing to fund the deal. Unfortunately, the property has a long and complicated history under its previous ownership. Complicated, to say the least. Originally built in 1985 with 445 independent living units, 72 assisted living units and 240 skilled nursing beds, University Village was acquired in 2000 by Westport Holdings Tampa, LP for $64.1 million, or around $85,000 per unit/bed. In... Read More »
Ziegler Closes Largest Bond Financing of 2020
We mentioned in June that Ziegler had successfully priced about $199.4 million in Series 2020A-D fixed-rate bonds for Acts Retirement-Life Communities, and now the specialty investment bank and closed the transaction on behalf of the not-for-profit provider. Secured on 20 senior living communities in seven states, including eight locations in Pennsylvania, four in Florida, three in Delaware, two in North Carolina and one each in Georgia and Alabama, the bond issue comprised $115.1 million of tax-exempt bonds issued through and $84.3 million of taxable bonds. That makes this the largest senior living bond financing to-date in 2020. The Public Finance Authority... Read More »Schedule a demo
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