Ziegler has successfully closed a $111 million bond issue for an Oklahoma-based corporation’s newest continuing care retirement community.
Epworth Living will use the bonds to fund the construction of The Ranch and refinance the facility’s predevelopment loan. The money also will be used to help pay a portion of the bonds’ issuance fees, fund interest payments and establish reserve funds for debt services.
The 380,000-square-foot facility will include independent living apartments and villas, assisted living apartments, memory support suites and skilled nursing beds. The facility was more than 70% pre-sold when the bond was closed, according to Epworth.
“The local community has waited 20 years for this community and Ziegler has been involved for over 15 years, serving as a resource to management, developers and local board members in bringing this development to a successful conclusion,” said Will Carney, managing director of Ziegler’s senior living practice.