MANHATTAN, Kansas — Ziegler has secured $53.8 million in bond financing through the City of Manhattan, Kansas, on behalf of Meadowlark, a single-site continuing care retirement community (CCRC).
Situated on 55 acres, Meadowlark currently totals 359 units, with 137 independent living apartments, 50 independent living duplexes and cottages, 38 assisted living apartments and a 134-bed skilled nursing facility that comprises 60 private beds and 74 semi-private beds.
The community was originally developed in 1975. In 2022, Ziegler arranged financing for an expansion of the property. Upon opening, the expansion reached full occupancy within 40 days.
Currently, Meadowlark’s waitlist features 400 prospective residents. The new expansion project will add a 43-unit independent living apartment building with 64 underground parking spaces, a clubhouse, fitness center and classroom space. The project will also include an enlargement and beautification of the community pond.
Proceeds from the Series 2025 bonds will be used to fund project costs, interest on the bonds for a period of 26 months, a deposit to the Master Reserve Fund for the 2025A Bonds and costs of issuance.
The financing includes both short-term fixed-rate bonds and long-term fixed-rate bonds. The short-term bonds will be repaid when occupancy levels at the expansion reach approximately 50 and 85 percent.