Ziegler Secures Construction Financing for Michigan CCRC
A not-for-profit CCRC in Michigan is embarking on an independent living expansion and worked with the team at Ziegler to secure a bank bond financing to fund it. Located in the affluent suburb of East Grand Rapids, the CCRC was originally built in 1960 on a 20-acre campus. It currently consists of 170 entrance-fee independent living units, 20 rental IL units, 46 assisted living units, 35 memory care units and 29 skilled nursing beds. Recently, ownership purchased a medical office building on the northeast corner of the campus but has plans to demolish it and build 26 new independent living units with underground parking, communal areas on each floor and an outdoor patio/entertaining space.... Read More »
Ziegler Secures Short-Term and Long-Term Debt for CCRC Client
The bank bond placements keep coming from Ziegler, and the specialty investment bank has already announced several in the last few weeks for not-for-profit CCRC clients. The latest was arranged for a 362-bed/unit CCRC in Manheim, Pennsylvania, that is sponsored by the not-for-profit Pleasant View Communities. Just like Ziegler’s refinance of a CCRC in Texas announced last week, Truist was involved in the deal, as was Fulton Bank, to provide both short-term and long-term debt. A couple of planned expansion projects spurred the refinance. Opened in 1954 and growing to include 152 independent living apartments and cottages, 95 personal care (assisted living) units and 115 skilled nursing... Read More »
Ziegler Arranges Another Bank Bond Financing
We know that the lending market has slowed considerably, and has been perhaps the main reason for M&A coming to a crawl, but just a week after arranging a bank bond refinance for a CCRC client, Ziegler has arranged another one for a CCRC in Texas, resulting in a total of more than $150 million in proceeds across the two transactions. That’s an impressive sum these days. Most recently, Ziegler refinanced Westminster, a not-for-profit entrance-fee CCRC in Austin, Texas. Founded in 1972, Westminster has grown over the years to include 327 independent living units, 22 assisted living units, 30 memory care units and 55 skilled nursing beds on a 9.3-acre campus. Life Care Services (LCS) has... Read More »
Ziegler Arranges “Cinderella” Bank Bond Refinance for Tennessee CCRC
Working on behalf of a large CCRC in Germantown, Tennessee, Ziegler successfully closed a series of bank bonds for the not-for-profit sponsor. Incorporated in July 2000, the community has grown on its 27.5 campus to include 230 independent living units, of which there are 202 apartments and 28 patio homes, 32 assisted living units, 16 dementia units and 50 skilled nursing beds, along with plenty of common areas and amenities. The one-, two- and three-story buildings are also interconnected with enclosed, air-conditioned hallways. Ownership was looking to refinance its 2012 bonds using a Cinderella Refunding structure, which consists of taxable bank debt that then converts to non-bank... Read More »Schedule a demo
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