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 proceeds of the bonds will be used to fund renovations and an expansion at Dock Woods, as well as pay off a construction loan from 2008.
The Dock Woods project includes the construction of a new wing in skilled care, renovation of the existing skilled care wings, a new parking lot, new emergency generator and miscellaneous building systems improvements.
Upon completion of the project, Dock Woods will feature 72 beds with 11 semi-private rooms (22 beds) and 50 private rooms in the healthcare wing, 73 units in personal care, 263 independent living units and 200 affordable housing units.