Ziegler announced the closing of a $67.09 million Series 2017A-C financing for Wake Robin Corporation.
Wake Robin developed, owned and operated the first continuing care retirement community in Vermont. It now operates a similar community in Shelburne, VT, which includes a facility with 51 skilled nursing units.
The financing will be used to expand Wake Robin, refinance Series 2006B Bonds, pay costs of Series 2017A Bonds and fund a Debt Service Reserve Fund for the Series 2017A Bonds.
M&T Bank was the purchaser of the Series 2017B&C Bonds, and Greenbrier Development acted as development consultant on the project.
The new construction involves building 38 independent living units, renovating common areas and the skilled nursing facility and building 10 new residential care units and six new skilled units.
“Wake Robin and its residents will benefit from the new independent living units, renovation of common areas & the existing skilled nursing facility for many years,” said Keith Robertson, Managing Director in Ziegler’s senior living practice.
