GRAND RAPIDS, Mich. — Ziegler has arranged $22.5 million in bank bonds for an expansion project at Beacon Hill at Eastgate, a 300-unit continuing care retirement community in the Eastgate neighborhood of Grand Rapids. The borrower is Michigan Christian Home. The financing package includes a $9.8 million long-term component with a 30-year amortization and a $12.7 million short-term loan with a three-year amortization that will be retired with initial entrance fees from the project. Built in 1960, the property currently features 170 entrance fee independent living units, 20 rental independent …
CCRC
Ziegler Places $53M Bank Financing for Pleasant View Communities Expansion in Pennsylvania
by Jeff Shaw
MANHEIM, Pa. — Ziegler has arranged $53 million in financing for Pleasant View Communities, which operates a continuing care retirement community in the South Central Pennsylvania borough of Manheim. Originally built in 1954, the community currently features 152 independent living apartments and cottages, 95 personal care units and 115 skilled nursing beds. The loans will fund two expansions. The first project, West Lawn Apartments, will consist of two buildings containing 18 independent living units located on Pleasant View’s existing campus. The second project, the Lofts at Lititz, will consist of …
ROME, Ga. — Greenbrier Development has opened the first units at The Spires at Berry College, a continuing care retirement community (CCRC) in Rome. The property, first announced in 2018, is located on the campus of Berry College, a private liberal arts school approximately 60 miles northwest of Atlanta. The first 55 apartment units, as well as 26 freestanding cottage homes, are now accepting residents. The community will feature 144 apartments upon full build-out, and the units are 70 percent pre-sold. The Berry College Board of Trustees conceived of the …
AUSTIN, Texas — Ziegler, acting as bank placement agent, has arranged $110.9 million in financing for Westminster, a nonprofit continuing care retirement community (CCRC) in West Central Austin. LCS has managed the property since 1981. Located on approximately 9.3 acres, the community comprises 327 independent living units, 22 assisted living units, 30 memory care units and 55 skilled nursing beds. The financing is a combination of $63.9 million in bank bonds and a $47 million short-term loan. The borrower expects to retire the short-term loans using entrance fees from an …
GERMANTOWN, Tenn. — Ziegler has arranged $45.2 million in financing for The Village at Germantown, a continuing care retirement community in the Memphis suburb of Germantown. The community is located on a 27.5-acre site and features 230 independent living units, 32 assisted living units, 16 memory care units and 50 skilled nursing beds. The financing is a “Cinderella refunding,” meaning that taxable bank debt will convert to non-bank-qualified, tax-exempt debt in September 2022. The transaction refinances a previous bond issue from 2012. First Horizon provided the taxable loan with a …
WEST DES MOINES, Iowa — Lifespace Communities, a West Des Moines-based owner-operator of 15 continuing care retirement communities, has hired Nicholas Harshfield as chief financial officer effective July 1. Harshfield brings more than 30 years of financial experience to the role, 15 years of which are in senior living. He will replace Larry Smith, who plans to retire after serving Lifespace for more than 17 years. Harshfield held executive leadership positions in four senior living organizations with a focus on developing and implementing strategic plans, integrating technology systems, securing financing …
NAPLES, Fla. — Moorings Park Institute Inc. and London Bay Development Group have opened the first phase of Moorings Park Grande Lake, a continuing care retirement community (CCRC) in Naples. Located on 55 acres along the Naples Grande Golf Course, the first phase of development included three buildings totaling 47 units, all but three of which were pre-sold. Entrance fees start at $1.5 million and are 70 percent refundable, and golf club membership is included. “This has been a very unusual time to open a new community. Truthfully, we thought …
During this unprecedented time, marketing and sales professionals must continue to connect and engage with prospects, both existing and new. This webinar features panelists discussing what COVID-19 has meant for the seniors housing sector and strategies for effective marketing despite social distancing, shelter-in-place, and quarantine situations. Learn what alternate lead-generation options are available to continue to work toward 2020 sales and marketing goals. Hear what strategies industry peers are incorporating to manage through this time of uncertainty. Expert panelists weigh in with advice and helpful information about what industry professionals …
VENICE, Fla. — Stevens Construction has completed a renovation of The Lofts, a five-story, 80,000-square-foot assisted living and memory care building within Village On The Isle, a nonprofit continuing care retirement community in Venice. Renovations were done floor by floor to minimize impact on residents. Stevens replaced interior finishes, improved the façade and reworked the unit floor plan options. Stevens Construction also replaced the plumbing, mechanical and electrical systems of the 35-year-old building. The Stevens Construction team included Dan Adams, Jon Zander, Mark Battaglia and Sue Ziegenfus. RLPS Architects provided …
MARYLAND — Ziegler has closed $99.3 million in bond financing for Integrace Inc., a group of four continuing care retirement communities (CCRCs) in Maryland. The company officially affiliated with Acts Retirement-Life Communities in April 2019. Founded in 1974, Integrace is a nonprofit system of retirement communities consisting of Bayleigh Chase in Easton; Buckingham’s Choice in Adamstown; Fairhaven in Sykesville; and Copper Ridge in Sykesville. Integrace also operates a research institute, The Integrace Institute. The financing consists of $87.1 million in tax-exempt bonds and $12.2 million in taxable bonds. The tax-exempt …