SOUTH CAROLINA — Ziegler has arranged $27.5 million in bond financing for The Lutheran Homes of South Carolina (LHSC).
The borrower is a South Carolina-based nonprofit corporation that currently operates five life plan communities, three hospice offices and four non-medical in-home services agencies throughout South Carolina. LHSC operates a total of 1,077 units (409 independent living, 308 assisted living and 360 skilled nursing), ranking as the 83rd largest nonprofit senior living operator in the U.S. according to the 2021 LeadingAge Ziegler 200.
First Horizon Bank, an LHSC existing banking partner, is directly purchasing the bonds, which both refund $11.6 million in existing debt and fund $15.9 million in expansion projects at LHSC communities.
The refinancing portion leads to nearly $1 million in annual cash flow savings. The expansion projects include 18 new independent living units at Heritage at Lowman, plus 18 new independent living units and a 7,000-square-foot dining and activity facility at Rose Crest.