Florida CCRC Secures Bond Debt
A not-for-profit CCRC in Lakeland, Florida is now able to further its mission and strategic plans thanks to $32.8 million in bond financing placed by Ziegler. Approximately $18 million of the community’s outstanding Series 2008 bonds had become callable, and the property also wanted to finance about $17.4 million in future capital expenditures. So, working with the not-for-profit client for the first time, Ziegler stepped in to secure a low interest rate and reduce their annual debt service. This community was originally built in 1986 and currently operates 337 independent living, 49 assisted living and 72 skilled nursing units on its campus. All of its health care units, which maintain a... Read More »
De Paul Health Care Divests Three Philly-Area SNFs
De Paul Health Care sold three of its Philadelphia-area skilled nursing facilities, leaving the New Jersey-based provider with four SNFs in its portfolio, in addition to its existing medical office building and residential community businesses. Mark Myers and Joshua Jandris of IPA Seniors Housing represented the De Paul family in the transaction, which included a 49-bed skilled nursing facility and a 120-bed SNF in Philadelphia, and a 162-bed facility in Absecon, New Jersey (adjacent to Atlantic City). These facilities were operating at breakeven, despite solid occupancy, which leaves some room for added value for the new owner, Paramount Care Centers. Christopher Utz of Ziegler Seniors... Read More »
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 »
Ziegler Arranges Austin Acquisition
Ziegler’s Investment Banking Senior Living team served as exclusive advisor to Brazos Presbyterian Homes, Inc. in its purchase of an entrance-fee CCRC in Austin, Texas. Featuring 173 independent living units, 41 IL villas, 20 assisted living units, 16 memory care units and 60 skilled nursing beds on about 55 acres, the community had previously been sponsored by The Ex-Students’ Association of the University of Texas, known as the Texas Exes. In a blind competitive national search to find the best candidate for affiliation, not-for-profit Brazos Presbyterian emerged as the winner, adding to its two existing communities in Houston. After signing a letter of intent in October 2017, Brazos... Read More »Schedule a demo
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