ALEXANDRIA, Va. — Ziegler, a specialty investment bank, has arranged $68.8 million in financing for Goodwin House, a nonprofit seniors housing operator based in Alexandria. Goodwin House operates two continuing care retirement communities (CCRCs) in Virginia.
Goodwin House plans to use the majority of the funds for a $68.2 million project at its Alexandria CCRC that will include: construction of a new five-story health center that will house skilled nursing units; repurposing of existing health care facilities into 16 new independent living apartments and 11 assisted living units; upgrading and improving dining and community spaces; and upgrading services.
The tax-exempt, fixed-rate bonds have a 2050 final maturity (35 years), are BBB rated from Fitch and resulted in an aggregate yield to maturity of 4.48 percent. Davenport & Company LLC served as a 15 percent co-manager on the transaction.