COLUMBUS, Ohio — Ziegler has arranged $27.9 million in bond financing Ohio Living Communities. The funds will be used for an expansion project at the company’s Westminster-Thurber campus in Columbus.
Named Heritage Pointe, the 11-story building will add 56 independent living units to the community. The total project cost is approximately $39.2 million. A development timeline was not released.
The bonds consist of tax-exempt, fixed-interest-rate serial term bonds with a final maturity in 2045. In addition to Heritage Pointe construction, the financing will fund $2.5 million of other capital projects at the campus.
Ohio Living owns and operates 12 communities located throughout the state of Ohio, nine of which are full-service life plan communities.
“For over two years, Ohio Living had been in various stages of developing and executing on plans to expand our independent living offering at the Ohio Living Westminster-Thurber campus, located in a vibrant area near downtown Columbus,” says Bob Stillman, CFO of Ohio Living. “This project was a replication of Goodale Landing, a very similar and successful project that Ziegler underwrote in 2013, which is also located on Westminster-Thurber’s campus.”