FORT WASHINGTON, Pa. — Ziegler has arranged $68.5 million in bond financing for Acts Retirement-Life Communities, a nonprofit operator based in Fort Washington, a northern suburb of Philadelphia.
Of the total, $10.3 million were tax-exempt bonds issued through the Montgomery County Industrial Development Authority and $58.2 million were tax-exempt bonds issued through the Delaware Economic Development Authority.
The proceeds will be used to reimburse a line of credit in the amount of $55 million for prior project costs in Delaware and to fund future project costs of $13 million in both Delaware and Pennsylvania. The project costs funded with the bonds and the line of credit include various upgrades and renovations to residential and healthcare units and common areas.
Acts, along with its affiliated communities, is the nation’s fourth largest nonprofit provider of senior living services, based upon the 2023 LeadingAge Ziegler 200. Acts currently operates 27 communities in nine states with over 9,700 total units.