FORT WASHINGTON, Pa. — Ziegler has arranged $199.4 million in bond financing for Acts Retirement-Life Communities.
Based in Fort Washington, Acts is the third largest nonprofit seniors housing operator in the country. The company operates 26 communities in nine states with a total of 9,671 total units.
The portfolio involved in this specific financing includes 20 communities in seven states, with eight locations in Pennsylvania, four locations in Florida, three locations in Delaware, two locations in North Carolina, one location in South Carolina, one location in Georgia, and one location in Alabama.
The bond issue includes $115.1 million in tax-exempt bonds issued through the Public Finance Authority (Wisconsin), Palm Beach County Health Facilities Authority (Florida), and the Montgomery County Industrial Development Authority (Pennsylvania). The remaining $84.3 million in taxable bonds were issued through the Montgomery County Industrial Development Authority (Pennsylvania).
The proceeds of the bonds will be used to finance or refinance costs associated with the 20 communities, while refinancing bonds from 2012 and two revolving lines of credit from Bank of America and Truist.