Ziegler Closes $34.5M in Bond Financing for CCRC Operator in North Carolina

by Jeff Shaw

DURHAM, N.C. — Ziegler, a specialty investment bank, has arranged $34.5 million in tax-exempt, fixed-rate bonds issue on behalf of The United Methodist Retirement Homes (UMRH).

Based in Durham, UMRH operates three continuing care retirement communities (CCRCs) in North Carolina: Croasdaile Village in Durham, Cypress Glen in Greenville and Wesley Pines in Lumberton. The communities are operated in partnership with Life Care Services.

Combined, the three campuses total 932 total units — 622 independent living, 108 assisted living and 202 skilled nursing.

Proceeds of the bonds will be used to refund the operator’s 2005 bonds and pay fees and expenses incurred by the bond issuance. The new financing will produce savings of $8.9 million for UMRH, according to Zeigler.

Davenport & Co. served as a 15 percent co-manager on the transaction.

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