Ziegler Successfully Closes $45.6 Million Financing for Carolina Village Expansion

Ziegler Announces Successful Financing for Carolina Village

On July 23, 2026, Ziegler, a prominent investment banking firm, revealed the successful pricing of Carolina Village's Series 2026A Bonds amounting to $45.6 million. This funding is dedicated to supporting the Carolina Village community's expansion initiatives in Hendersonville, North Carolina, a location recognized for its commitment to senior living.

Background of Carolina Village

Carolina Village, Inc. has been providing quality living options for older adults since its establishment in 1972. Spanning an impressive 94.8 acres, this non-profit life plan community is strategically situated about 20 miles south of Asheville. Currently, Carolina Village operates 370 independent living residences, which include a combination of 235 apartments and 135 cottages, alongside 60 assisted living residences and 58 skilled nursing beds. With a waitlist exceeding 1,000 people eager to join the community, the demand for expanded services has become increasingly critical.

Objectives of the Bond Proceeds

The funds raised through the Series 2026A Bonds will be utilized effectively for a variety of pressing needs:
1. Refinancing existing debt: A portion will be allocated to refinance the outstanding Series 2017A Bank Bonds.
2. Infrastructure improvements: Approximately $3.3 million will support a comprehensive sewer lining project.
3. Development expenses: Roughly $11.7 million is earmarked for design, pre-construction, permitting, and other related tasks as part of the future expansion plans.
4. Debt service and reserves: The remainder of the funds will cover interest on the new bonds, establish a debt service reserve, and handle bond issuance expenses.

The planned expansion includes significant renovations to existing independent living facilities, enhancing both aesthetic and functional elements. These renovations will involve adding balconies, extensive hall improvements, and upgrading essential mechanical systems to improve overall quality of life for residents. Additionally, a new 60-unit independent living apartment building is planned to accommodate the growing number of inquiries from prospective residents.

Assuming all pre-conditions are met satisfactorily, including necessary financial projections, pre-sales, and construction approvals, Carolina Village anticipates initiating financing for the expansion project between the second and third quarters of 2027.

Endorsements and Future Outlook

Tommy Brewer, Managing Director at Ziegler, stated, "Carolina Village has a long history of serving older adults in Western North Carolina, with this financing positioning it for meaningful developments ahead. By meeting current capital needs while advancing future campus improvements, the Series 2026A Bonds provide vital flexibility for our organization. We look forward to collaborating further with Carolina Village in its growth journey."

Ziegler, recognized as the leading underwriter for financing in the non-profit senior living sector, brings a wealth of expertise in investment banking and financial risk management to its clientele. They are dedicated to offering innovative, tailored financial solutions that cater specifically to organizations within the healthcare and senior living sectors.

In summary, the successful closing of the $45.6 million Series 2026A Bonds marks an important milestone for Carolina Village, ensuring that the community can continue to grow and cater to the needs of its residents, while effectively addressing the demand for quality senior living spaces in North Carolina.

For further details about Ziegler and its services, please visit www.ziegler.com.