Ziegler (ZGCO) and Presbyterian Manors of Mid-America, Inc. announced last week the successful pricing of the financing for Aberdeen Heights, a new continuing care retirement community (CCRC). The CCRC will be built in Kirkwood, Missouri on a 17.7-acre site currently occupied by buildings that were formerly the site of St. Joseph’s Hospital. Greystone Communities is acting as the marketer and developer of the project. As of January 2010, 205 of the 243 independent living units were reserved (over 84% pre-sold) and a total of 16 institutional investors participated in the financing for over $150 million in orders, along with over $20 million in support from Ziegler retail investors. In addition to independent residential living, Aberdeen Heights’ continuum of care includes 30 assisted living apartments, 15 memory support suites and 38 skilled nursing private rooms, all on campus, to provide services and support for residents, if needed in the future.
Dan Hermann, Senior Managing Director & Head of Ziegler’s Senior Living Finance noted, “The investors were clearly responding positively to the strength of this sponsor and their significant financial commitment to the project, but also to additional unique structures within this deal (Ziegler’s TEMPSM and ARROS debt structures, covenant structure, etc), as well as to the depth of the Kirkwood and surrounding St. Louis County market.”
“Our future residents have clearly indicated by their initial reservation deposits that they want the fulfilling lifestyle and long-term security Aberdeen Heights will give them,” said Bill Ward, president and CEO of Presbyterian Manors of Mid-America (PMMA), a not-for-profit corporation with 17 affiliated senior living communities in Missouri and Kansas. “They want a community that is as vibrant and social as they are, but can also provide appropriate services and support in the future if their health or circumstances should change.”