Ziegler Arranges $42.5M Acquisition Financing for Applewood CCRC in Freehold, New Jersey

by Jeff Shaw

FREEHOLD, N.J. — Ziegler has arranged $42.5 million in bond financing for FellowshipLIFE, a nonprofit owner-operator of continuing care retirement communities (CCRCs) in New Jersey.

The borrower will use the funds to acquire Applewood, a CCRC formerly owned by CentraState Healthcare System in the North Jersey town of Freehold. 

Located on approximately 44 acres, Applewood opened in 1990 and offers a full continuum of care to its long-time residents. Applewood offers 300 independent living units, 37 assisted living units, 11 memory care units and 60 skilled nursing units.

Ziegler facilitated a bank search which resulted in multiple proposals for the acquisition of Applewood. The acquisition was completed utilizing a mix of tax-exempt and taxable debt.

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