Senior community receives financing
Ziegler announced the closing of a $34.9 million Series 2016 tax-exempt fixed rate financing for Canterbury Health Care Inc.
Canterbury owns and operates a 225-unit rental continuing care retirement community in Waterford, MI, called Canterbury-on-the-Lake.
COTL operations are managed by LCS. The community has 40 assisted living units and 140 skilled nursing beds.
The new money and refunding components are amortized together to form level debt service, the firm said. The arbitrage yield on The Series 2016 Bonds is 5.008%.