Ziegler Secures Significant Funding for Senior Living Expansion
In the latest development from Ziegler, a specialty investment bank, the successful closing of a substantial financing package for Friendship Village of Kalamazoo has been announced. This funding, totaling $103,585,000, comes from the issuance of Series 2026A, B-1, B-2, and B-3 Bonds through a local Economic Development Corporation.
Friendship Village Kalamazoo, a well-regarded life plan community, spans approximately 72 acres and offers a range of living arrangements tailored to seniors. This includes 230 independent living units, along with assisted living, memory care, and skilled nursing facilities. The community is being managed by Life Care Services (LCS), which is also facilitating ongoing development projects at the site.
Modernization and Expansion Plans
The Series 2026 Bonds will facilitate an expansion of Friendship Village, allowing for the addition of modern amenities and increasing housing capacity. Notably, this includes the construction of a new independent living apartment building known as "The Atlee," which will feature 76 units, and a new skilled nursing center named the "Markillie Care Center." These enhancements will replace older facilities and serve the growing needs of the senior population in the area.
As reported, by the end of last year, 81.5% of the units in The Atlee apartment building had already been presold, reflecting strong demand for senior living accommodations. Renovations will also include updates to dining areas, the serving kitchen, and the introduction of new recreational facilities such as pickleball courts and walking trails.
Reliable Financing Partner
Tom Meyers, a Senior Managing Director at Ziegler, emphasized the long-standing relationship with Friendship Village, noting this marks the seventh financing endeavor between the two entities. The recent financing is pivotal, particularly as it caters to the increasing number of Baby Boomers entering the market for senior housing. This expansion aims not only to meet current resident needs but also to attract new clients looking for quality senior living options.
In addition to meeting construction timelines and project needs, Ziegler faced unique challenges regarding bond pricing, particularly during the early weeks of the calendar year. Despite these hurdles, they were able to generate substantial interest from investors, delivering favorable pricing for the bonds.
Leadership Perspectives on the Expansion
Tim Cain, Executive Director of Friendship Village Kalamazoo, expressed excitement about the forthcoming expansion and renovations. He highlighted that these projects are designed to meet the needs of both current and future residents, ensuring a robust continuum of care is available. Investment in new nursing and living spaces aims to bolster the community's mission of providing vibrant, life-care services for seniors.
With Ziegler at the helm of this funding effort, the organization continues its dedication to supporting not-for-profit senior living providers. Their expertise extends beyond merely providing funding; it encompasses a broad range of services tailored to the unique needs of senior living clientele, including financial risk management and strategic advisory services.
About Ziegler
Ziegler is recognized as a leading investment bank focused on healthcare, senior living, and education sectors. Operating from its headquarters in Chicago, Ziegler is committed to delivering exceptional service and innovative financial solutions. Their dedication to the senior living industry ensures that they remain at the forefront of facilitating essential investment for communities across the United States.
Frequently Asked Questions
What is the purpose of the funding secured by Ziegler?
The funding is intended to support the expansion and modernization of Friendship Village Kalamazoo, enhancing its facilities and services for seniors.
How many units will the new Atlee building provide?
The new Atlee building will include 76 independent living units.
What amenities will be added at Friendship Village Kalamazoo?
New amenities include dining renovations, an expo kitchen, bistro, market, pickleball courts, and walking trails.
Who is managing Friendship Village Kalamazoo?
Friendship Village Kalamazoo is managed by Life Care Services (LCS).
How long has Ziegler worked with Friendship Village Kalamazoo?
Ziegler has partnered with Friendship Village Kalamazoo since 1991, marking a long-standing relationship.