#United States #Grand Rapids #Michigan #Ziegler #Beacon Hill

Ziegler Secures $175 Million for Beacon Hill Expansion in Michigan

In a significant move for senior living in Michigan, Ziegler, a prominent specialty investment bank, has successfully priced $175 million in Series 2025 Bonds for the Beacon Hill at Eastgate project, facilitated through the Economic Development Corporation of Grand Rapids. This financing is essential for the planned expansion of the enduring Beacon Hill community and is expected to close on December 18, 2025.

A Commitment to Senior Care

Established in 1951 with the backing of local Baptist churches, Beacon Hill at Eastgate is a 501(c)(3) nonprofit corporation focused on providing quality senior living and healthcare services in a nurturing Christian environment. Located in Grand Rapids, the community offers a variety of residential and care options designed to cater to the diverse needs of its residents.

The funds raised through the bond issuance will be allocated to multiple facets of the expansive project:

• - Construction of 101 new independent living units
• - Replacement of 48 assisted living units
• - Creation of new common areas: This includes a pedestrian bridge, coffee shop, dining spaces, a bar venue, a game room, lounge areas, and a wellness center outfitted with fitness and yoga facilities, spa services, and an outdoor wellness terrace.
• - Renovation of the existing health center: This will see the transformation of 29 skilled nursing beds into 14 assisted living plus units and 15 memory support units.
• - Demolition of 20 rental independent living apartments and the Mary and Martha Center, which presently harbors assisted living units.

These developments are part of Beacon Hill’s ongoing efforts to modernize and enrich the life quality for the residents, enabling them to enjoy their golden years with dignity and comfort.

A Robust Financial Structure

The bonds issued are categorized as tax-exempt and non-rated, structured into two distinct offerings. The Series 2025A Bonds, amounting to $108 million, will be long-term fixed-rate bonds amortizing over 35 years until November 2060. Additionally, the Series 2025B Bonds are short-term fixed-rate bonds projected for repayment at varying occupancy rates of the new independent living units, ensuring a sound financial framework as the community seeks to revitalize and grow.

Jeff Huegli, President and CEO of Beacon Hill at Eastgate, expressed gratitude for the continued guidance from Ziegler and acknowledged Brandon Powell's critical role in shaping the trajectory of the community's development. "For nearly two decades, Brandon’s steady guidance has been instrumental in realizing each phase of our vision, positioning us as a leader in senior housing and healthcare in West Michigan," Huegli said.

Brandon Powell, Managing Director at Ziegler's Senior Living Finance Practice, remarked on the successful arrangement of the financing amidst a challenging market, showcasing Ziegler's dedication and robust partnership with Beacon Hill.

Ziegler: A Leader in Senior Living Finance

Ziegler stands as the nation's premier underwriter in financing for nonprofit senior living providers, offering tailored solutions that include investment banking and strategic advisory services. Their commitment to senior living has equipped clients with vital resources and expertise to navigate the complex challenges of the healthcare and senior housing sectors.

To learn more about Ziegler and its comprehensive service offerings, visit www.ziegler.com.

This expansion not only signifies financial advancement for Beacon Hill at Eastgate but underscores the ongoing commitment to enhancing the quality of life for seniors in Michigan, ensuring they have access to vital care and community support. As the bonds are set to close soon, anticipation builds for the positive impact these changes will bring to the residents and their families.