Ziegler Closes $34.5M Financing for Conn. CCRC Seabury

by Jeff Shaw

BLOOMFIELD, Conn. — Ziegler, a specialty investment bank, has closed $34.5 million in tax-exempt, fixed-rate Series 2015A bonds for non-profit continuing care retirement community Seabury.

Established in 1992, Seabury is on an a 68-acre site and includes 193 independent living units, which include 34 independent living cottages and five villas, and 154 independent living apartments. There are also 49 assisted living units, 58 memory care units and 60 skilled nursing beds.

Proceeds of the bonds will be used to refund two outstanding bank loans, terminate an existing interest rate swap, provide reimbursement for previous capital expenditures, fund the community’s repositioning strategy, fund a debt service reserve fund and pay a portion of the costs of issuance for the bonds.

The community’s repositioning will include an extensive renovation and expansion to the main building including a new front entrance and expanded lobby, renovated reception and security areas, administrative/marketing suite renovations, a new human resources suite, new accounting suite, renovated lounge, kitchen renovation, expansion of the private dining room, and additional parking among other campus improvements. Greenbrier Development LLC is the development consultant for the renovations.


Expansion is also planned for Seabury, including 65 new independent living units, a new health care building expansion with additional skilled nursing beds and assisted living units, a chapel, and a new space for Seabury’s community outreach service. 

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