Ziegler Arranges $44.4M Bond Financing for The Forest at Duke in Durham, North Carolina

DURHAM, N.C. — Ziegler has arranged $44.4 million in bond financing for The Forest at Duke, a 47-acre continuing care retirement community just south of Duke University in Durham.

The Forest at Duke opened in 1992 and currently serves over 360 residents across 154 apartments, 88 cottages (242 total independent living units), 34 assisted living units and 58 licensed skilled nursing beds.

Proceeds of the bonds will be used for a renovation project that will include 90 new units (32 assisted living and 58 skilled nursing) in a “small house” format in a five-story building of approximately 110,000 square feet. Each household will consist of 10 private rooms and include living, kitchen and dining rooms as well as a den and covered balcony.

The project team consists of Perkins Eastman as architect, NEMA Management as project manager), Whiting-Turner as construction manager and CliftonLarsonAllen as examination of forecast.