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Ziegler Closes $633M Financing for NYC’s First CCRC
Specialty investment bank Ziegler has closed on $632,925,000 financing for River’s Edge, reportedly the largest senior living tax-exempt bond transaction to date. River’s Edge is the first contiuing care retirement community project in New York City and will be located on the campus of its sponsor, RiverSpring Living, in the Riverdale section of the Bronx.
The financing will be used to fund project costs for the development of 260 independent living apartments, construction of associated amenities, capitalized interest for 39 months, debt service reserve funds for each respective series of bonds and costs of issuance.
Managing directors Chad Himel, and Keith Robertson with Ziegler jointly said, “it was a tremendous honor to work closely with the River’s Edge team on this historic financing, which will position the RiverSpring Living organization for the next 100 years.”
RiverSpring Living is located on a 32-acre campus overlooking the Hudson River. It will be developed by Chicago-based Integrated Development II as its first not-for-profit project.
- ◦Financing
