HEALDSBURG, Calif. — Ziegler has arranged $297 million in bond financing for the development of Ensō Village, a continuing care retirement community in the Sonoma County city of Healdsburg.
The borrower is Kendal Corp., which is developing the property. The California Public Finance Authority issued the tax-exempt bonds.
Ensō Village is located on approximately 16 acres and will feature 221 independent living apartments, 30 assisted living apartments and 24 memory support apartments. Of the 221 independent living apartments, 20 are low-income rental apartments for retired Buddhist teachers, and 10 are moderate-income apartments.
“Clearly the groundbreaking concept of a Zen-inspired retirement community embodying Zen and Quaker values, with a net-zero energy footprint that shows care for the planet and for residents, has resonated with depositors,” says Mary Muñoz, senior managing director, Ziegler Senior Living Finance. “The community achieved 95 percent presales in record time, and bond investor appetite for the transaction exceeded all expectations.”
A timeline for completion was not disclosed.