GROTON, Conn. — Specialty investment bank Ziegler has closed a $304.2 million bond financing to fund a senior living campus expansion in Groton in southeastern Connecticut. Ziegler served as the underwriter for the financing.
Non-profit senior living organization Fairview is the borrower. Fairview owns and operates a continuing care retirement community situated on 70 acres and will use the proceeds for an expansion project, dubbed Vista Point at Fairview.
Upon completion, the expansion will add 193 independent living units, 44 assisted living units and 28 memory care units. The development will be positioned on 20 acres of undeveloped land at the campus, which was originally founded in 1892 by the Connecticut Independent Order of Odd Fellows Grand Lodge. Amenities will include an indoor swimming pool, performing arts center, chapel, café/bistro, library, fitness center, golf simulator, pickleball and tennis courts, recreational rooms, gardens, walking trails and underground parking.
Greystone Communities is serving as development consultant to Fairview. At the time of financing, the independent living portion of the expansion was 70 percent pre-leased.