#United States #Grand Rapids #financing #Ziegler #Brio Living Services

Ziegler Successfully Closes $113.5 Million Financing for Brio Living Services

Ziegler, a leading investment bank specializing in financing for not-for-profit senior living organizations, proudly announces the closing of $113.5 million in Series 2025 Bank Direct Placement Draw Down Bonds for Brio Living Services. This substantial financing underscores the commitment to enhancing and modernizing senior living facilities in Michigan.

About Brio Living Services

Brio Living Services, a not-for-profit entity based in Michigan, is focused on providing a comprehensive range of senior living and aging services. They operate multiple housing communities, including market-rate and affordable senior living options. As of March 31, 2025, Brio manages nearly 993 units across five primary communities. Notably, the organization recently ranked #84 in the LeadingAge Ziegler 200, a comprehensive guide to the largest multi-site not-for-profit senior living communities in the U.S.

The services offered by Brio encompass independent living, assisted living, memory care, skilled nursing, and rehabilitation. With an emphasis on holistic wellness, Brio also provides home health, hospice care, and care coordination, ensuring that seniors receive the support they need throughout their aging journey.

Purpose of the Funding

The proceeds generated from the Series 2025 Bonds will be directed towards Phase I of Brio's Master Plan for the Porter Hills Village campus, located in Grand Rapids, Michigan. This multi-phase project aims to revamp the community to better serve residents and ensure competitiveness in the senior living market.

The Master Plan has been under development over the past five years, focusing on modernizing Brio's facilities and enhancing the quality of life for residents. Key aspects include new construction that emphasizes a household model of care, improved independent living options, and upgraded amenities designed for wellness and enrichment.

Phase 1 represents a pivotal element of this initiative, expected to take approximately 36 to 42 months. It involves critical infrastructure updates, road construction, and developing a state-of-the-art multi-use building that will include independent living flats, assisted living spaces, memory care units, and skilled nursing accommodations.

Strategic Importance

As the Baby Boomer generation increasingly enters the senior living marketplace, organizations like Brio must adapt to changing expectations and needs. Tom Meyers, Senior Managing Director at Ziegler's Senior Living Finance Practice, remarks on the significance of this financing:

"Completing a single-bank, tax-exempt direct placement of this magnitude underscores both Brio's credit strength and the importance of its long-term banking relationships. It's critical for senior living organizations to continue investing in their operations to maintain relevance in a competitive market."

The bonds were structured as a tax-exempt, single-bank direct placement, facilitating a fixed interest rate of 4.178% throughout the ten-year commitment period. This arrangement showcases Ziegler's commitment to securing favorable financial arrangements in challenging rate environments, ensuring Brio can proceed with its ambitious project plans.

Community Impact

Kalen Carlson, Chief Financial Officer for Brio, expressed enthusiasm regarding the project, stating, "This financing makes the Porter Hills project a reality for our residents and the broader community. With support from Huntington Bank and Ziegler, we secured competitive financing that will directly benefit those we serve."

The anticipated developments will not only improve living conditions for current residents but will also attract new residents seeking quality senior living options in a modernized environment.

Conclusion

Ziegler's role in facilitating this substantial financing highlights both the bank's expertise and its dedication to supporting not-for-profit senior living communities. The successful closure of this $113.5 million bond financing is a significant step forward for Brio Living Services, positioning them well for future growth and enhanced service delivery.

Through strategic partnerships and financial management, organizations like Brio can ensure they meet the evolving needs of seniors and provide quality living experiences well into the future. For more insights about Ziegler and their services, visit their website.