Pennybyrn at Maryfield High Point

Ziegler Arranges $66M Financing for CCRC in North Carolina

by John Nelson

HIGH POINT, N.C. — Ziegler, a specialty investment bank, has arranged a $66.1 million bond issue for Maryfield Inc., a North Carolina not-for-profit that owns and operates Pennybyrn at Maryfield, a continuing care retirement community (CCRC) in High Point. Proceeds of the bonds will be used to pay off bonds from 2005 and 2010, fund a debt service reserve fund for the bonds and pay fees and expenses incurred by the sale of the new bonds. Located on 68 acres, Pennybyrn consists of 180 independent living units (131 apartments and 49 cottages); 48 assisted living units (24 standard care and 24 memory care); and 125 skilled nursing beds.

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