Ziegler closes $49M loan for Kenton Housing

Ziegler announced a $48.7 million non-rated Series 2015 Bond issue for Kenton Housing Inc. in November.

The new Ziegler client is a Kentucky not-for-profit corporation providing services to the elderly. It operates a 210-bed skilled nursing campus in Covington, KY, called Rosedale Green-Covington.

The facility was constructed on more than 11 acres about two miles south of Cincinnati. Rosedale Green plans to build a skilled nursing facility in Elsmere, KY, called Rosedale Green-South.

Three months after the commencement of construction of Rosedale Green-South, Rosedale Green-Covington will begin a phased renovation by taking some beds out of service during renovation, Ziegler said. The renovation is expected to take 20 months.

The Series 2015 Bonds will be issued to fund $33.5 million of capital expenditures to renovate Rosedale Green-Covington and build a second campus, plus refinance.

“Ziegler is proud to have had the opportunity to serve as underwriter for the Rosedale Green Series 2015 bond issue. Rosedale is among the most progressive nursing and assisted living providers that we have worked with and their strategic plan represents a dynamic vision of the future in which they will be a leader in the provision of dignified residential care for seniors,” said Tad Melton, director in Ziegler's senior living practice.