Ziegler Successfully Secures $70.85 Million Financing for Greenwood Village South's Expansion
In a significant move for senior housing development, Ziegler, a prominent investment bank, recently wrapped up a financing package totaling $70,850,000 for Greenwood Village South, a respected continuing care retirement community located in Greenwood, Indiana. This financing encompasses a variety of bonds, including $27,850,000 from the Series 2025A bonds, $7,400,000 from Series C-1 Bonds, and an additional $10,600,000 from Series C-2 Bonds, all represented under the umbrella of Series 2025 bonds. In conjunction with these bonds, Ziegler also secured $25,000,000 through direct bank placement. The project is aimed at expanding and modernizing the community, facilitating the construction of the Village Flats Project, which will revolutionize the concept of senior living.
Greenwood Village South (GVS) operates as a not-for-profit entity, comprising a range of living arrangements that include 426 total units: independent apartments, assisted living apartments, cottages, and a skilled nursing facility. GVS's mission has always been to provide a high-quality living experience for its residents, which now enters a new phase with the Village Flats Project. The initiative will introduce 42 hybrid independent living houses, offering a unique blend of privacy and community atmosphere.
Conceived with the modern senior in mind, the Village Flats will feature three separate buildings and will include amenities such as a commons building, multipurpose rooms, salon, library, and wellness facilities along with recreational offerings like pickleball and bocce ball courts. The total portfolio of constructions is estimated to approach $67.2 million in overall costs. This venture marks an ambitious milestone for GVS, as it is looking to enhance the living standards and experience for its residents, proving adaptability amidst changing demographics and expectations.
In anticipation of the expansion, Ziegler capitalized on favorable municipal bond market conditions during this summer, ideally timing the closing of the financing to maximize the construction window ahead of winter's approach. The team engaged in earnest discussions with banks to assure competitive credit commitments, which ultimately facilitated the expedient and efficient closing of these financial agreements. Notably, Ziegler's emphasis on the robust credit standing of GVS played a crucial role in securing a favorable rating from Fitch Ratings, which awarded the Series 2025A and 2025C Bonds a respectable 'BBB-' rating, paving the way for a less encumbered financing arrangement by eliminating the requirement for a Debt Service Reserve Fund.
Ziegler's longstanding partnership with GVS, which has lasted since the mid-1990s, speaks volumes about the trust built over the years. Tom Meyers, Ziegler's Senior Managing Director, remarked on the collaborative effort that culminated in this successful financing close. His emphasis on the urgency of delivering results reflects the proactive strategies Ziegler employs in navigating complex financial landscapes. Jordan Morrow, GVS's Executive Director, expressed gratitude towards Ziegler for their expertise in navigating this multifaceted process despite a tight deadline. Morrow noted that the shared vision among project partners has reinforced GVS's standing in the community, promising innovative living solutions for current and future residents.
In essence, this project transcends mere financial transactions; it embodies a step towards innovating senior living and solidifying the foundation for GVS's future endeavors. Given the changing demographics among seniors, this initiative prompts an exploration of contemporary living approaches while maintaining a sustained commitment to quality and community integration. As new structures rise in Greenwood Village South, the aim is to not only cater to the needs of today but to place the community at the forefront of senior living solutions for years to come. This financing underscores Ziegler’s pivotal role as a leading investment bank in shaping the landscapes of senior living facilities in the U.S.
Greenwood Village South (GVS) operates as a not-for-profit entity, comprising a range of living arrangements that include 426 total units: independent apartments, assisted living apartments, cottages, and a skilled nursing facility. GVS's mission has always been to provide a high-quality living experience for its residents, which now enters a new phase with the Village Flats Project. The initiative will introduce 42 hybrid independent living houses, offering a unique blend of privacy and community atmosphere.
Conceived with the modern senior in mind, the Village Flats will feature three separate buildings and will include amenities such as a commons building, multipurpose rooms, salon, library, and wellness facilities along with recreational offerings like pickleball and bocce ball courts. The total portfolio of constructions is estimated to approach $67.2 million in overall costs. This venture marks an ambitious milestone for GVS, as it is looking to enhance the living standards and experience for its residents, proving adaptability amidst changing demographics and expectations.
In anticipation of the expansion, Ziegler capitalized on favorable municipal bond market conditions during this summer, ideally timing the closing of the financing to maximize the construction window ahead of winter's approach. The team engaged in earnest discussions with banks to assure competitive credit commitments, which ultimately facilitated the expedient and efficient closing of these financial agreements. Notably, Ziegler's emphasis on the robust credit standing of GVS played a crucial role in securing a favorable rating from Fitch Ratings, which awarded the Series 2025A and 2025C Bonds a respectable 'BBB-' rating, paving the way for a less encumbered financing arrangement by eliminating the requirement for a Debt Service Reserve Fund.
Ziegler's longstanding partnership with GVS, which has lasted since the mid-1990s, speaks volumes about the trust built over the years. Tom Meyers, Ziegler's Senior Managing Director, remarked on the collaborative effort that culminated in this successful financing close. His emphasis on the urgency of delivering results reflects the proactive strategies Ziegler employs in navigating complex financial landscapes. Jordan Morrow, GVS's Executive Director, expressed gratitude towards Ziegler for their expertise in navigating this multifaceted process despite a tight deadline. Morrow noted that the shared vision among project partners has reinforced GVS's standing in the community, promising innovative living solutions for current and future residents.
In essence, this project transcends mere financial transactions; it embodies a step towards innovating senior living and solidifying the foundation for GVS's future endeavors. Given the changing demographics among seniors, this initiative prompts an exploration of contemporary living approaches while maintaining a sustained commitment to quality and community integration. As new structures rise in Greenwood Village South, the aim is to not only cater to the needs of today but to place the community at the forefront of senior living solutions for years to come. This financing underscores Ziegler’s pivotal role as a leading investment bank in shaping the landscapes of senior living facilities in the U.S.
Topics Business Technology）
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