Ziegler Closes $42.5M Bond Financing for 302-Unit CCRC in Michigan

GRAND RAPIDS, Mich. — Ziegler has arranged $42.5 million in bond financing for Beacon Hill at Eastgate, a 302-unit nonprofit continuing care retirement community (CCRC) in Grand Rapids.

Michigan Christian Home operates the 20-acre campus, which features 170 entrance-fee independent living apartments, 20 rental independent living apartments, 48 assisted living suites, 35 memory support suites and 29 skilled nursing beds. An auditorium and garden café were recently added to the community.

The bonds will be used to repay outstanding bonds from 2015 currently held by First Midwest Bank and The Huntington Bank, pay for capital expenditures, and fund a debt service reserve.

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