JENISON, Mich. — Ziegler has arranged $52.1 million in bond financing for Sunset Manor Inc., a nonprofit owner-operator based in the West Michigan city of Jenison.
Sunset Manor was established in 1973 to care for the elderly residents of West Michigan and beyond. Sunset owns and operates four facilities in Jenison, Grandville and Grand Haven. Per the 2023 LeadingAge Ziegler 200, Sunset Manor is the 138th largest nonprofit senior living provider in the nation with a total of 696 units consisting of 384 independent living units and 312 assisted living units.
The bonds will be used to refinance existing debt, fund $11 million in capital expenditures and pay for costs of issuance.
Two banks were used to deliver the capital for the 2024 financing, including West Michigan Community Bank and ChoiceOne Bank. Ziegler also served as swap advisor on a swap termination as well as on a new trade.
The bonds represents Ziegler’s fifth financing for Sunset Manor. Tom Meyers, Jason Choi, Jeff Sturla and Scott Determan led the Ziegler team.