Ziegler Closes $20.7M Financing for Friendship Village Kalamazoo in Michigan

KALAMAZOO, Mich. — Ziegler has arranged $20.7 million in financing for Friendship Village Kalamazoo, a continuing care retirement community in Kalamazoo.

The bonds consist of $8.7 million of Limited Obligation Revenue Refunding Bonds issued through the Michigan Strategic Fund and $12 million of Limited Obligation Revenue and Revenue Refunding Bonds issued through the Economic Development Corp. (EDC) of the City of Kalamazoo.

Proceeds will refund outstanding bond issues from 2010 and 2014 along with other debt, and reimburse costs of some improvements to the community.