DALLAS — Ziegler has arranged $91.9 million in tax-exempt bond financing for Presbyterian Village North, a massive, nonprofit continuing care retirement community (CCRC) in Dallas.
Located on a 63-acre campus, Presbyterian Village North is spread across 89 buildings featuring a total of 295 independent living units, 101 assisted living units, 44 memory support units and 172 skilled nursing beds. All of the skilled nursing beds are private units, Medicare certified with a five-star CMS rating and accept managed care payment. The beds are not Medicaid certified.
Presbyterian Communities and Services Inc. owns and operates the community.
Proceeds of the boneds, along with trustee funds on hand, were used to refund all outstanding debt, fund a project fund for pre-finance costs related to a future expansion, fund a debt service reserve, and pay costs of issuance.
The outstanding debt that was refunded included approximately $58.6 million of public tax-exempt bonds from 2014 and $20.5 million of tax-exempt bank debt. The financing allowed Presbyterian Communities to reduce interest expense, lock in fixed rates to lower risk, eliminate features associated with the bank debt and achieve more flexible covenants, allowing for future growth.