Ziegler Arranges $200.6M Bond Financing for Nonprofit Owner Trousdale Foundation Properties

CHICAGO — Ziegler, a Chicago-based specialty investment bank, has arranged $200.6 million in bond financing for nonprofit seniors housing owner-operator Trousdale Foundation Properties. 

The Trousdale Foundation Inc. is a Massachusetts chartered nonprofit corporation formed in 1989. Prior to this transaction, the foundation owned and operated one home health agency, five skilled nursing and rehabilitation facilities, and leased and operated two additional skilled nursing and rehabilitation facilities.

Proceeds of the bonds will be used to refinance existing bank debt and acquire a portfolio of seniors housing properties, including:

  • Hyde Park Health Center, a 168-unit skilled nursing and assisted living community in Cincinnati, Ohio
  • Friendship Village, a 506-unit continuing care retirement community (CCRC) in Dayton, Ohio
  • McKendree Village, a 519-unit CCRC in Nashville, Tenn.
  • The Palms of Sebring, a 218-unit CCRC in Sebring, Fla.

The financing package includes a mix of tax-exempt senior bonds, taxable senior bonds and tax-exempt subordinate bonds. The bonds were issued through Highlands County Health Facilities Authority (Florida), the County of Montgomery (Ohio), The Health and Educational Facilities Board of the Metropolitan Government of Nashville and Davidson County (Tennessee), and Trousdale Issuer LLC.