Ziegler Closes $171M in Financing for Atlanta Senior Living Community
Ziegler has closed on $125 million of series 2021A/B fixed rate bonds and $46 million of series 2021C direct bank bonds on behalf of Atlanta’s Canterbury Court life plan community, which is planning a series of enhancements.
Proceeds of the bonds will be used, together with other available funds, to fund the costs of the enhancement project; fund separate debt service reserve fund accounts for the series 2021A/B bonds; fund a portion of interest on the series 2021 bonds; and pay certain expenses incurred in connection with the sale and issuance of the series 2021 bonds.
Plans for enhancing Canterbury Court include:
- Expansion and replacement of healthcare facilities to result in 42 assisted living apartments, 21 memory support assisted living apartments and 40 private nursing apartments;
- Construction of 105 new independent living apartments in a 10-story tower; and
- Conversion of the personal care and nursing units into 28 new independent living units plus renovation and expansion of common and dining areas.