FORT WORTH, Texas — Ziegler has arranged $72.6 million in bond financing for Trinity Terrace, a continuing care retirement community (CCRC) in Fort Worth. The Tarrant County Cultural Education Facilities Finance Corp. issued the bonds.
The borrower is The Cumberland Rest Inc., a nonprofit corporation incorporated in 1902 for the purpose of providing housing for aged and indigent Christian women. Trinity Terrace opened on a 3.5-acre campus in February 1983. The community currently features 316 independent living apartments, 12 assisted living apartments, 17 memory care apartments and 42 skilled nursing beds. The skilled nursing facility boasts a five-star rating from the Centers for Medicare & Medicaid Services (CMS).
The financing consists of long-term, tax-exempt, fixed-rate bonds achieving level debt service with a 25-year final maturity. They will refinance a previous bond issuance from 2014.