LEBANON, Ohio — Ziegler has arranged $24.5 million in bond financing for Otterbein SeniorLife, a nonprofit operator based in the Cincinnati suburb of Lebanon.
The borrower’s portfolio totals 1,440 independent living units, 489 assisted living units and 1,020 skilled nursing units across nine SeniorLife communities and nine Neighborhood-branded skilled nursing communities.
The bonds were issued through the State of Ohio, acting by and through the Ohio Higher Educational Facility Commission. In addition to these bonds, Ziegler also priced $20.5 million of tax-exempt, forward-delivery bonds that are scheduled to close on April 5, 2023.
Proceeds of the bonds were used to pay for Otterbein’s acquisition of the membership interest in Kendal at Granville, which will be rebranded as Otterbein Granville. Proceeds of the 2023 bonds will be used to refund Otterbein’s outstanding 2013 bonds.