HENDERSONVILLE, N.C. — Ziegler has closed a $45.6 million bond financing on behalf of Carolina Village Inc., a non-profit senior living owner and operator based in North Carolina.
Founded in 1972, Carolina Village operates a continuing care retirement community situated on 94.8 acres in Hendersonville in western North Carolina. The property currently comprises 370 independent living residences, 60 assisted living units and 58 skilled nursing beds.
Funds from the Series 2026A bonds will be used to finance the design, pre-construction and permitting processes for a future expansion project, as well as refund outstanding 2017 bank bonds, complete a sewer lining project, supply a debt service reserve fund and pay expenses and interest associated with the 2026 bonds.
The future expansion project will include substantial renovations to the original independent living apartment buildings, as well as the construction of a new 60-unit independent living building. Financing for the project is expected to occur in the second or third quarter of 2027.