Specialty investment bank Ziegler recently announced the closing of Ensō Village’s $297 million Series 2021A, Series 2021B and 2021C bonds issued through the California Public Finance Authority. The Series 2021A and 2021B bonds are tax-exempt while the Series 2021C bonds are federally taxable. All series are exempt from California State income tax.

Kendal at Sonoma, a Zen-Inspired community, is a California nonprofit corporation incorporated in November 2016. The corporation was formed to construct, own and operate an entrance fee-based life plan community to be known as Ensō Village, which will become an operating affiliate in the Kendal system. Ensō Village is located on approximately 16 acres in Healdsburg.

The Series 2021A bonds were issued as tax-exempt fixed-rate term bonds amortizing in the next 35 years. The Series 2021B-1, B-2 and B-3 bonds are expected to be redeemed at 85 percent, 70 percent and 50 percent occupancy of the project, respectively. The Series 2021C bonds were expected to be redeemed at 13 percent occupancy.

Bond proceeds will be applied toward the construction of the community which will include 221 independent living apartments, 30 assisted living apartments and 24 memory support apartments. Of the 221 independent apartments, 20 are low-income rental apartments for retired Buddhist teachers, and 10 are moderate-income apartments. Both sponsors seek a diversified resident base.

“The vision for Zen Inspired Senior Living, which means turning toward and consciously celebrating the experiences of seniors as we age, has met the socially responsible, deeply curious and pioneering nature of the Baby Boomer generation,” says Susan O’Connell, spiritual director of Zen-Inspired Senior Living, a sponsor of the community.