Ziegler Arranges $12.4M Bond Financing for Enso Village CCRC Development in California

by Jeff Shaw

HEALDSBURG, Calif. — Ziegler has closed a $12.4 million, tax-exempt bond anticipation note for the development of Enso Village, a continuing care retirement community in Healdsburg, a city in Sonoma County’s wine country.

A bond anticipation note is a short-term security issued in anticipation of future, larger bond financing for the project. The borrower is Kendal at Sonoma, a nonprofit partnership between The Kendal Corporation, Greenbrier Development and the San Francisco Zen Center.

The community will feature 200 market-rate independent living apartments, 20 below-market independent living apartments to accommodate retired Zen teachers with significant tenure, 30 assisted living apartments and 24 memory care suites. The project is currently in the pre-development stage, with groundbreaking scheduled for 2021.

The proceeds of the bonds will be used to repay a $1 million taxable pre-development loan; finance the acquisition, development and construction of the project; and fund costs of issuance. The note was placed directly with a San Francisco-based family office interested in the sustainability aspects of the project design.

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