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CCRCDevelopmentFinanceNewsSouth Carolina

Ziegler Arranges $29.2M Financing for Bishop Gadsden Expansion in Charleston, South Carolina

by Jeff Shaw

CHARLESTON, S.C. — Ziegler has arranged $29.2 million in bond financing to fund a renovation project at Bishop Gadsden Episcopal Retirement Community in Charleston. The nonprofit continuing care retirement community is located on James Island, approximately six miles from downtown and six miles from Folly Beach. Founded in 1850 as a special ministry of the Episcopal Diocese of South Carolina, Bishop Gadsden has continuously expanded its mission to serve seniors for 173 years and remains affiliated with the Episcopal diocese. In 1987, Bishop Gadsden moved to its current location on …

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CCRCDevelopmentFinanceNewsPennsylvania

Ziegler Arranges $19M Financing for Living Branches Expansion in Pennsylvania

by Jeff Shaw

HATFIELD, SOUDERTON and LANSDALE, Pennsylvania — Ziegler has arranged $19 million in bond financing for Living Branches, a nonprofit seniors housing and affordable housing operator. Living Branches was founded in 2008 upon the merger of Dock Woods, a life plan community founded in 1981 in Lansdale, and Souderton Mennonite Homes, a life plan community in Souderton originally founded in 1917. The corporation also operates The Willows of Living Branches, a personal care community in Hatfield founded in 1942, and two HUD housing organizations located on the Dock Woods campus. The …

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CCRCDevelopmentFinanceMinnesotaNews

Ziegler Closes $47M Financing for Construction of Saint Therese Community in Corcoran, Minnesota

by Jeff Shaw

CORCORAN, Minn. — Specialty investment bank Ziegler has closed on $47 million in financing for Saint Therese of Corcoran LLC, and its sponsor, Saint Therese, for the construction of a new senior living community in Corcoran, about 30 miles northwest of Minneapolis. The financing is comprised of $18.2 million of Series 2022AB and $28.8 million of Series 2023 Senior Living Revenue Notes placed with Bremer Bank. Proceeds of the notes, along with other available funds, will be used to finance the construction of Saint Therese of Corcoran, fund interest on …

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AcquisitionsCCRCFloridaNews

Grandbridge Negotiates $81M Bankruptcy Sale of The Arlington at Naples in Florida

by Jeff Shaw

NAPLES, Fla. — Grandbridge Real Estate Capital’s seniors housing investment sales team has arranged the $81 million sale of The Arlington at Naples. The 298-unit continuing care retirement community is located on 39 acres in the Lely Resort master-planned community in Naples. It opened in 2015. The community offers 47 independent living estate homes, 128 independent living apartments, 42 assisted living units, 37 memory care units and 44 skilled nursing units. Prior to the sale, The Arlington was operating under a forbearance agreement. The Grandbridge team, led by Dave Kliewer …

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CCRCDevelopmentFinanceNewsNorth Carolina

Ziegler Arranges $58.1M Bond Financing for Twin Lakes Community in Elon, North Carolina

by Jeff Shaw

ELON, N.C. — Ziegler has arranged $58.1 million in bond financing for Twin Lakes Community, a continuing care retirement community (CCRC) in Elon, approximately midway between Greensboro and Durham. Twin Lakes sits on approximately 215 acres of land. It first opened in 1983 and currently operates 434 independent living units, 36 assisted living units, 32 memory care units and 104 healthcare units. It ranks as the 28th largest nonprofit single-campus senior living organization in the nation, according to the 2022 LeadingAge-Ziegler 200. Having recently completed construction of a replacement nursing …

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AcquisitionsCCRCIllinoisNews

Ziegler Negotiates Sale of 192-Unit Pinecrest Community in Mount Morris, Illinois

by Jeff Shaw

MOUNT MORRIS, Ill. — Ziegler has negotiated the sale of Pinecrest Community, a 192-unit senior living community located on 40 acres in Mount Morris, a tiny town of fewer than 3,000 people approximately 100 miles west of Chicago. Pinecrest Community is a Christian nonprofit continuing care retirement community affiliated with the Church of the Brethren. The community was initially established in 1893 to care for the elderly and orphans. The campus features active-adult cottage homes, independent living apartments, intermediate and skilled care living, and a specialized memory care center. The …

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CCRCDevelopmentFinanceIllinoisNews

Ziegler Arranges $99.9M Bond Financing for Plymouth Place Expansion Project in La Grange Park, Illinois

by Jeff Shaw

LA GRANGE PARK, Ill. — Ziegler has arranged $99.9 million in bond financing for Plymouth Place. The continuing care retirement community is located in La Grange Park, a village approximately 13 miles west of downtown Chicago. Plymouth Place features 182 independent living units, 52 assisted living units, 26 memory care units and 82 skilled nursing beds. Plymouth Place was incorporated in 1939 and is located on approximately 18.6 acres. The Illinois Finance Authority issued the bonds, which will be used for an expansion at the community. Known as The Arboretum …

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CCRCDevelopmentFinanceNewsNorth Carolina

Ziegler Arranges $95.6M Financing for The Forest at Duke in Durham, North Carolina

by Jeff Shaw

DURHAM, N.C. — Ziegler has arranged $95.6 million in bond financing for The Forest at Duke, a continuing care retirement community in Durham. The community sits on 47 acres just south of Duke University. First opened to residents in 1992, the property serves over 360 residents across 154 apartments, 81 cottages (235 total independent living units), 32 assisted living units and 58 licensed skilled nursing beds. To address the changing needs of existing and future residents, The Forest at Duke adopted a strategic plan that included two phases. Phase I, …

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CCRCDevelopmentFloridaNewsPeople

Convivial Life Appoints Lisa Cummins as Executive Director at The Cabana at Jensen Dunes in Florida

by Jeff Shaw

JENSEN BEACH, Fla. — Convivial Life has appointed Lisa Cummins as executive director at The Cabana at Jensen Dunes in Jensen Beach, on the Atlantic Coast in South Florida. She will oversee the daily operations of The Cabana and help guide the 22-acre campus into a future life plan community. Convivial Life’s plans include 170 new independent living residences, a new clubhouse and other support services that will complement The Cabana. Cummins brings over 23 years of experience in leading senior living organizations, including assisted living communities, life plan communities …

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AcquisitionsCCRCNewsPennsylvania

Cushman & Wakefield Arranges Sale of 426-Unit Watermark at Logan Square in Philadelphia

by Jeff Shaw

PHILADELPHIA — Cushman & Wakefield has arranged the sale of The Watermark at Logan Square, a 426-unit rental continuum community in the Center City neighborhood of Philadelphia. The firm also served as the exclusive advisor to the undisclosed buyer in procuring acquisition financing. A fixture of the Philadelphia skyline, the 24-story tower originally opened in 1984 and offers independent living, assisted living, memory care and skilled nursing. The property is located prominently above the Logan Square circle and offers true urban senior living in one of the fastest growing neighborhoods …

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