Ziegler, a Chicago-based boutique investment bank, arranged $77,065,000 of Series 2020 Bonds for Presbyterian Village North (PVN), operator of a continuing care retirement community of the same name in north Dallas. Proceeds from the bonds will finance a 112-unit expansion, along with extensive renovations to existing common areas.
The Series 2020 Bonds are comprised of $45,065,000 Series 2020A Bonds sold publicly to institutional investors and $32,000,000 Series 2020B Bonds placed with Frost Bank.
The PVN complex currently includes 89 buildings with 253 independent living units, 101 assisted living units, 44 memory support units and a health center operating 106 skilled nursing beds.
To be named The Hawthorne, the expansion will be developed in a five-story wood-framed building, with only 97 of the units coming to market initially. The additional 15 independent living units won’t be marketed to prospective residents until the first 97 units are reserved.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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