Ziegler has announced the closing of a $34.51 million fixed-rate Series 2015A bond for Church Home of Hartford. The new Ziegler client is a Connecticut not-for-profit corporation formed in 1987.
In 1992, the community established Seabury, an interfaith, active Type-A continuing care retirement community in Bloomfield, CT. It has 193 independent living units, 49 assisted living units, 58 memory care units and 60 skilled nursing beds. A subsidiary, Seabury Memory Care Centers Inc., owns and operates the memory care units.
The repositioning will include a large renovation and expansion to the main building on the Seabury campus, including a new front entrance and expanded lobby, renovated reception and security areas, administrative/marketing suite renovations, a new human resources suite, new accounting suite, renovated lounge, kitchen renovation and expansion of existing private dining room, and additional parking, Ziegler said.
Subsequent financing may occur later this year for 65 new independent living units and other amenities. The potential subsequent financing will total around $72 million with temporary debt of $23 million and permanent debt of $49 million, Ziegler said.
