REBusinessOnline

Ziegler Arranges $199.4M Bond Financing for Pennsylvania-Based Seniors Housing Owner

Acts-Retirement-Fort-Washington-Pennsylvania

Pictured here is Acts Retirement's seniors housing community in its home base of Fort Washington, Pennsylvania.

FORT WASHINGTON, PA. — Ziegler has arranged $199.4 million in bond financing for Acts Retirement-Life Communities, a seniors housing owner-operator based in Fort Washington, Pa. Acts is the country’s third-largest nonprofit seniors housing operator in the country with a portfolio of 26 communities in nine states totaling 9,671 total units. The portfolio involved in this specific financing includes 20 communities in seven states, with eight locations in Pennsylvania, four locations in Florida, three locations in Delaware, two locations in North Carolina, one location in South Carolina, one location in Georgia and one location in Alabama.

The bond issue includes $115.1 million in tax-exempt bonds issued through the Public Finance Authority (Wisconsin), Palm Beach County Health Facilities Authority (Florida) and the Montgomery County Industrial Development Authority (Pennsylvania). The remaining $84.3 million in taxable bonds were issued through the Montgomery County Industrial Development Authority (Pennsylvania). The proceeds of the bonds will be used to finance or refinance costs associated with the 20 communities, while refinancing bonds from 2012 and two revolving lines of credit from Bank of America and Truist.

Get more news delivered to your inbox. Subscribe to France Media's e-newsletters. Click here.



Related News

Webinars on Demand


Conferences


Read the Digital Editions

Heartland Recent Issue

Northeast Recent Issue

Southeast Recent Issue

Texas Recent Issue

Western Recent Issue

Shopping Center Business

California Centers

Ancillary Retail

Student Housing Business

Seniors Housing Business

Featured Properties