Ziegler Closes “Green Bond” Financing
Ziegler announced that it will soon issue the first ever “Green Bond” financing for a senior living development. And it is for quite a sum. Enso Village, located in Healdsburg, California, is set to open in 2023 with 221 independent living units, 30 assisted living units and 24 memory care units on a 16-acre campus. It is being sponsored by the San Francisco Zen Center, a network of affiliated Sōtō Zen practice and retreat centers in the Bay area, and The Kendal Corporation, a national not-for-profit provider of senior living services. Greenbrier Development is building the campus, which has already achieved 94% reservations two years out from opening. Quite impressive. Enso Village will... Read More »
American Senior Communities Acquires Terre Haute Community
Dan Revie and Tedd Van Gorden of Ziegler handled Bethesda Senior Living Communities’ sale of its community of 20 years in Terre Haute, Indiana, to the largest senior care operator in that state, American Senior Communities. In April 2019, ownership agreed to discontinue its memory care units for the next two years to resolve a civil complaint filed by the Indiana State Department of Health following the death of a memory care resident. According to the new community website, there are still no memory care services. No price was disclosed in the ownership transition. Read More »
Ziegler Helps Finance Pennsylvania CCRC’s Expansion
Ziegler closed nearly $40 million in financing for a not-for-profit CCRC client in Palmyra, Pennsylvania, securing both institutional investor and bank support for the transaction. After originally opening the community in 1979, Lebanon Valley Brethren Home, dba Londonderry Village, is planning on expanding on a portfolio of a 40-acre tract of farmland it already owned south of the campus. It currently features 374 independent living units, 38 personal care/assisted living units and 88 skilled nursing beds, but the project would add 35 new IL units in 11 cottages/townhouses and two 12-unit buildings. There would also be a sales office and clubhouse added to the site. To fund the... Read More »
Ziegler and M&T Partner To Refinance Illinois Community
Ziegler and M&T Realty Capital Corporation partnered to secure a Fannie Mae refinance on an independent living community in St. Charles, Illinois. Owned by Essex Communities, the community obtained a $15.145 million loan with a 10-year term and fixed interest rate of 3.99%. There are five years of interest-only payments, followed by a 30-year amortization. Essex also benefits from a declining prepayment schedule. Essex originally developed the 80-unit community in 1999 under a not-for-profit, entrance fee model sponsored by the City and Township of St. Charles. But Essex decided to purchase the building in 2019 for approximately $12.8 million,... Read More »Schedule a demo
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