Investment banking firm Ziegler recently closed a transaction on Miralea, an independent senior living development situated on the current grounds of Masonic Homes of Kentucky’s Louisville campus.
The campus includes 146 independent living apartments, 104 assisted lving units, and 136 skilled nursing units, and Ziegler structured a $43.785 million bond transaction to construct 102 new independent living units. Miralea is an affiliate of the Masonic Homes of Kentucky, which has approximately 600 units on three campuses.
The Series 2011 Bonds from the transaction will finance Miralea’s development, which will include common dining areas, a wellness/fitness center, a pool, creative arts center, and other common living areas in addition to the independent living units. The first residential move-ins are expected to occur in December of 2012.
“This is an exceptional project for an exceptional sponsor,” said Tom Meyers, Managing Director in Ziegler’s Senior Living practice. “Mirelea not only was 100% pre-sold by the financing’s finalization but also a wait list with more than 20 units had been established. This is a very rare accomplishment and it is a great sign of the project’s future success.”
Written by Alyssa Gerace