COLUMBUS and REYNOLDSBURG, Ohio — Ziegler has arranged $69.5 million in bond financing for The Methodist Retirement Center of Central Ohio, a nonprofit corporation doing business as The Wesley Communities.
Incorporated in 1965 as a faith-based provider, The Wesley Communities comprises three senior living properties totaling 668 units: Wesley Glen in Columbus, Wesley Ridge in Reynoldsburg and Wesley Woods at New Albany in Columbus. Additionally, Wesley Hospice provides hospice services throughout the communities.
The assisted living, memory care and skilled nursing units in Wesley Glen and the assisted living and memory care units in Wesley Ridge were financed by HUD (260 units total), and excluded from the financing.
Proceeds of the bonds, along with other available funds, will be used to refund all outstanding debt of the borrower; terminate a swap on the existing debt; fund $4 million of new money projects that will be used to finance building facade improvements at Wesley Glen as well as infrastructure for additional independent living Villas at Wesley Woods at New Albany; finance a debt service reserve fund; and fund eligible costs of issuance related to the financing.