Ziegler has announced the successful closing of the $12 million Series 2014A, tax-exempt, fixed-rate bond financing for Duncaster, a new client.
Duncaster is a not-for-profit corporation located in Bloomfield, CT. It opened a continuing care retirement community in 1984 in Harford.
The transaction in 2014 includes a construction loan and bonds to finance building 12 independent and 12 assisted living memory care units, as well as buying an adjacent parcel of land.
Its unit mix after the 2014 project will consist of 195 independent living units, 42 assisted living units and 60 skilled nursing units.
“This expansion project and the 100% pre-sales of the new independent living units reflects the increasing demand for Duncaster housing and senior services,” said Keith Robertson, managing director in Ziegler’s senior living finance practice.