Ziegler Arranges $47.9M Financing for Independent Living Expansion in Kalamazoo

KALAMAZOO, Mich. — Ziegler has arranged $47.9 million in bond financing for an expansion project at Heritage Community of Kalamazoo.

The nonprofit continuing care retirement community currently features 86 independent living units, 49 assisted living and memory care units, and 90 skilled nursing beds just south of downtown Kalamazoo.

The four-story expansion, named Revel Creek, will add 60 independent living units.

The building will also feature a new dining venue with commercial kitchen, a bar area, den, living room, library, outdoor terraces with seating spaces and a fitness room. There will be 67 parking spaces and resident storage for each unit provided in an underground parking garage.

The bonds consist of three tranches of tax-exempt, fixed-rate debt. The first tranche totals $32.1 million with a final maturity in 2055 and will fund the permanent debt component of this issue. The second tranche, totaling $6.6 million, and third tranche, totaling $9.2 million, will be repaid with entrance fees to the new project.