Ziegler Arranges $95.6M Financing for Seniors Housing Community in Durham

by John Nelson

DURHAM, N.C. — Ziegler has arranged $95.6 million in bond financing for The Forest at Duke, a continuing care retirement community in Durham. The seniors housing community sits on 47 acres just south of Duke University. First opened to residents in 1992, the property serves over 360 residents across 154 apartments, 81 cottages (235 total independent living units), 32 assisted living units and 58 licensed skilled nursing beds.

To address the changing needs of existing and future residents, the owner adopted a strategic plan that included two phases. Phase I, for which Ziegler arranged public, fixed-rate bonds in 2021, included a 90-unit health and wellness center that replaced the existing health center on campus. With Phase I nearing completion, the ownership is working on Phase II, which includes a 71 independent living unit apartment building. This new building will be located on the area of the campus where the original health center was located as that building is being demolished once the residents move into the new health and wellness center. At the time of closing, over 95 percent of the new independent living units were preleased.

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