Ziegler Arranges $85.5M Bond Financing for Ascentria Care Alliance

WORCESTER, Mass. — Ziegler has arranged $85.5 million in bond financing for Ascentria Care Alliance, a Worcester-based skilled nursing operator.

The bonds will support three of the borrower’s facilities:

  • Quaboag Rehabilitation and Skilled Care Center in West Brookfield, Massachusetts, featuring 147 skilled nursing beds.
  • Lutheran Home of Southbury (LHS) in Southbury, Connecticut, featuring 120 skilled nursing beds and 14 assisted living units.
  • Lutheran Rehabilitation and Skilled Nursing Center in Worcester, featuring 107 skilled nursing beds and 43 rest home care beds.

Proceeds of the bonds issued through the National Finance Authority will be used to acquire the real estate assets of LHS, fund various capital expenditures across the LHS campus, fund a debt service reserve fund and pay costs of issuance associated with the financing.

Proceeds of bonds issued through the Massachusetts Development Finance Agency will be used by to acquire the Brookfield and Worcester locations, refinance existing debt obligations in connection with the acquisition and fund improvements to the properties.