Ziegler Arranges $56.3M in Bond Financing for Nonprofit CCRC near Chicago

by Jeff Shaw

LA GRANGE PARK, Ill. — Ziegler, a specialty investment bank, has closed $56.3 million in fixed-rate bonds for Plymouth Place Senior Living, a 360-unit continuing care retirement community in La Grange Park, approximately 15 miles southwest of Chicago.

Plymouth Place is a nonprofit, 18.6-acre community established by United Church of Christ in 1939. The community includes 182 independent living apartments, 14 independent living cottages, 52 assisted living apartments, 26 memory care apartments and 86 skilled nursing beds.

Providence Management and Development Co. operates the skilled nursing portion of Plymouth Place.

Proceeds from the bonds will pay for $2.3 million in capital improvements, pay off $52.8 million in outstanding 2005 bonds, establish a debt reserve fund and pay for issuance expenses. The 2005 bonds were used to redevelop the main building and demolish the prior main building.

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