Ziegler Arranges $32M Financing for BellaAge Hickory Development in North Carolina

by Jeff Shaw

HICKORY, N.C. — Ziegler has arranged $32 million in direct bank revenue bonds through the North Carolina Medical Care Commission for EveryAge, formerly United Church Homes and Services.

The borrower is developing a 95-unit independent living rental community that will be known as BellaAge Hickory. Located in downtown Hickory, approximately 15 miles from EveryAge’s Abernethy Laurels community, BellaAge will comprise one- and two-bedroom apartments ranging from 817 to 1,397 square feet with monthly rents ranging from $2,043 to $3,632.

The tax-exempt, draw-down, bank-held bonds feature a seven-year commitment that automatically extends an additional three-years if the borrower achieves certain financial ratios.

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