JANESVILLE, Wis. — Ziegler has arranged a financing package totaling $87.5 million for an expansion project at Cedar Crest, a continuing care retirement community in Janesville, approximately 40 miles southeast of Madison.
The financing includes $57.5 million in fixed-rate revenue bonds and $30 million in bank debt bought by BMO Harris Bank. The Wisconsin Health and Educational Facilities Authority issued the financing.
Cedar Crest currently features 135 independent living units (consisting of 102 apartments and 33 cottages), 44 assisted living units, 24 memory care assisted living units, and a skilled nursing health center with 71 beds.
The expansion includes the construction of a 24-unit independent living apartment building; construction of a replacement 76-unit assisted living building into which residents of the existing assisting living units will transfer upon completion; renovation of a portion of the existing assisted living units into 16 additional memory care units; renovation of the health center to incorporate a new therapy gym and updated common areas; and construction of a new clubhouse.