MECHANICSBURG, Pa. — Ziegler has provided $82.2 million in bond financing to borrower Messiah Lifeways, a Pennsylvania-based nonprofit that owns and operates Messiah Village, a continuing care retirement community (CCRC) in Mechanicsburg.
Messiah Village serves more than 700 residents on an 85-acre campus, which it has occupied since 1978. The community was originally founded in 1896. In addition to 375 independent living units, 88 personal care units and 76 memory care units, the property features 100 skilled nursing beds and 18 skilled nursing memory support beds.
Proceeds from the bonds will be used to refinance the community’s current debt, as well as reimburse costs related to the development of a second campus. Dubbed Fernecrest Project, the new development will be situated on 85 acres roughly six miles from Messiah Village.
Upon completion, Fernecrest will feature 56 apartments, 79 cottages and community and dining spaces. Project costs are expected to total $75 million. Construction is scheduled to begin this year and will be financed with a direct bank placement.