GREENSBURG, Pa. — Ziegler has arranged $47.2 million in financing for Redstone Presbyterian SeniorCare, a nonprofit operator based in Greensburg.
The borrower operates nearly 500 senior living units on three separate campuses, collectively referred to as Redstone Highlands. Redstone’s three campuses comprise 310 independent living units, 133 assisted living units and 77 skilled nursing beds. Redstone is also the parent company of multiple subsidiaries, including HHH Senior Specialist, which provides home health, home care and hospice services within Redstone Highlands and the surrounding community.
Proceeds of the bond financing will be used to refund Redstone’s outstanding 2013 bank direct placement bonds held with Huntington Bank, finance a swap termination related to those bonds, fund a debt service reserve fund and pay for costs of issuance related to the financing.