Ziegler Closes $75.6M Bond Financing for CCRC Expansion in Maryland

COCKEYSVILLE, Md. — Ziegler has arranged $75.6 million in bond financing for Broadmead, an independent, nonprofit continuing care retirement community in Cockeysville, a northern suburb of Baltimore.

The 94-acre community features 249 independent living units, 30 assisted living beds and 70 skilled nursing beds.

The Maryland Health and Higher Educational Facilities Authority issued the tax-exempt bonds. The financing will fund a 52-unit independent living expansion at the community, as well as refinancing existing debt.

The expansion project will also include renovations of the assisted living, healthcare, dining, recreational and common areas. Construction is slated to begin before the end of the year, with first residents moving in by early 2020.