BALA CYNWYD, Pa. — Ziegler has arranged $39.4 million in bond financing for Simpson, a nonprofit operator based in Bala Cynwyd, a suburb of Philadelphia.
Formerly known as Methodist Episcopal Home for the Aged, the borrower operates three continuing care retirement communities in the region: Simpson House in Philadelphia, Simpson Meadows in Downington and Jenner’s Pond in West Grove. The portfolio totals 482 independent living units, 56 personal care units, 118 assisted living units and 178 skilled nursing units.
Simpson’s entire capital structure comprises all public, fixed-rate bonds as a result of the financing. Proceeds refinance existing bonds from 2015 and fund capital expenditures, among other uses.