Ziegler Arranges $61.3M in Bond Financing for Aldersly in San Rafael, California

by Jeff Shaw

SAN RAFAEL, Calif. — Ziegler has arranged $61.3 million in bond financing for Aldersly Garden Retirement Community, a continuing care retirement community in San Rafael, a northern suburb of San Francisco.

The community was originally founded and incorporated in 1921 by Danish organizations as a retirement home serving the Danish-American communities in California and Nevada. The property is situated on an approximately 3.5-acre campus. Life Care Services LLC has provided management and marketing services since 2004.

The borrower will use the proceeds of the bonds, together with an equity contribution, to fund the construction of a 35-unit residential care facility consisting of larger, more marketable apartments, additional common areas, and more parking.

The bonds were issued through the California Municipal Finance Authority and amortize over a 30-year period.

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