DURHAM, LUMBERTON and GREENVILLE, N.C. — Ziegler has arranged $67.2 million in bond financing for The United Methodist Retirement Homes (UMRH), a North Carolina-based nonprofit owner-operator of three continuing care retirement communities in the state.
The borrower’s portfolio includes Croasdaile Village Retirement Community in Durham, Wesley Pines Retirement Community in Lumberton and Cypress Glen Retirement Community located in Greenville.
In total, the three communities comprise a total of 690 independent living units, 28 memory care units, 112 assisted living units and 194 skilled nursing units, which ranks UMRH as the 3rd largest nonprofit senior living operator in North Carolina and the 88th largest in the United States according to the 2023 LeadingAge Ziegler 200. Since 2000, UMRH has been managed by Life Care Services, the 3rd largest operator of senior living communities in the nation.
UMRH, with the assistance of LCS Development as developer, is carrying out an expansion to the Cypress Glen Retirement Community, consisting of 57 new independent living apartments and a variety of new and improved amenities. Since beginning pre-sales in June 2023, has successfully pre-sold 53 of the 57 new units, or 93 percent of the units, with a 10 percent deposit.