GLADWYNE, Pa. — Ziegler has arranged $44.1 million in bond financing for Waverly Heights, which owns and operates a continuing care retirement community (CCRC) of the same name in Gladwyne.
Located just northwest of Philadelphia, the 63-acre community features 151 independent living apartments, 69 independent living villas, 33 personal care suites, 16 memory support rooms and 49 private skilled nursing rooms. The community was built in 1986.
The tax-exempt bonds were issued through Pennsylvania’s Montgomery County Industrial Development Authority. The bonds are rated “A-” with a stable outlook from Fitch. The bonds, along with other available funds, will pay back existing bank debt.
“Waverly’s prudent use of variable-rate debt over the last decade allowed the organization to grow the community and reenergize the common spaces in a cost-efficient manner,” says Amy Castleberry, managing director in Ziegler’s Senior Living Finance Practice. “With the rise in short-term interest rates and the decline in long-term interest rates, Waverly recognized the opportunity to refinance with traditional fixed-rate bond debt. This allowed Waverly to reduce its annual debt service requirement and eliminate interest rate risk.”