CARMEL, Calif. — Ziegler has arranged $36 million in bond financing for California Congregational Retirement Homes. The transaction will refinance existing debt and fund capital improvements at Carmel Valley Manor.
Located in the small beach city of Carmel, located south of the Bay Area, Carmel Valley Manor features 27 independent living cottages, 119 independent living apartments, 24 assisted living unts and 36 skilled nursing units on a 25-acre campus.
The bonds were issued through the California Municipal Finance Authority and amortize over a 30-year period.
“This successful round of financing will allow Carmel Valley Manor to initiate a campus wide repositioning plan, culminating in a Phase II expansion across independent living, assisted living, memory care and rehab services,” says Jay Zimmer, president and CEO of Carmel Valley Manor.