Ziegler Closes $200 Million in Bonds for Skilled Nursing, CCRC Deals

Specialty investment bank Ziegler this week announced the successful closing of $200.6 million in bonds to fund the acquisition and renovation of skilled nursing facilities and continuing care retirement communities (CCRCs).

The Trousdale Foundation Properties Series 2018 bonds were issued in various series.

Trousdale is a Massachusetts chartered not-for-profit corporation formed in 1989 that, before this transaction, owned and operated a home health agency and five skilled nursing and rehabilitation facilities. It also leased and operated two additional SNFs.


The Chicago-based Ziegler served as the underwriter and placement agent for the bonds. The proceeds of the bonds were used to finance the acquisition and improvement of four standalone communities, refinance bank debt on an existing community, fund debt service reserve funds, cover a month of interest related to the tax-exempt senior bonds, and pay a portion of the cost of issuance.

The acquired communities included the Hyde Park Health Center in Cincinnati, a 168-unit SNF and assisted living facility, and three rental continuing care retirement communities (CCRCs) located in Ohio, Tennessee, and Florida. The Friendship Village CCRC in Dayton, Ohio, has 506 units, while the McKendree Village CCRC in Nashville, Tenn., has 519 units. The Palms of Sebring in Sebring, Fla., has 218 units.

Trousdale’s existing SNF, the 97-unit Waynesboro Health and Rehab, is located in Waynesboro, Tenn.


The bonds were issued in various series, including tax-exempt senior, taxable senior, and tax-exempt subordinate bonds. They were issued through four entities: Highlands County Health Facilities Authority in Florida, the County of Montgomery in Ohio, the Health and Educational Facilities Board of the Metropolitan Government of Nashville and Davidson County in Tennessee, and Trousdale Issuer, LLC, which was formed to issue Series 2018A Corporate Taxable Bonds.

Written by Maggie Flynn

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