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Ziegler Closes $107M Funding for WA Seniors Housing Expansion Project
Ziegler announced the closing of the Heron’s Key Phase II Project, funded with more than $107 million in Series 2026AB Bonds, through the Washington State Housing Finance Commission.
The borrower, Heron’s Key, is a Washington nonprofit corporation and organization that was established to develop, own and operate senior living facilities in the State of Washington. Heron’s Key operates a life plan community situated on an 18-acre campus in Gig Harbor, Washington.
The community offers 194 independent living units. Heron’s Key is undertaking a significant expansion comprised of a new 111,656 square foot building that will add 54 new residential units, a swimming pool, dining venue and resident amenities and a renovated connection between the new and existing buildings, as well as renovating thirteen of the existing skilled nursing units at Heron’s Key to seven assisted living units. Proceeds of the bonds will be used to finance the expansion project, pay capitalized interest on a portion of the bonds, and cover certain costs of issuing the bonds.
