Ziegler closes on $232 million financing for Acts Retirement-Life Communities
Specialty investment bank Ziegler has closed on $232 million in Series 2016 financing for Acts Retirement-Life Communities. The total transaction size is among the largest issues in the tax-exempt senior living marketplace, according to Ziegler.
“This financing enabled Acts to take advantage of historically low interest rates to refinance and rework existing debt, as well as borrow new money for a variety of capital projects on several campuses,” said Amy Castleberry, senior vice president in Ziegler's senior living practice. “Not only was it a large issuance, but it was complicated, too, with several states, issuers and series involved.”
States involved include George, Florida and Pennsylvania.
Acts is the nation's third largest not-for-profit provider of senior living services based on the 2016 LeadingAge Ziegler 150 rankings and is the largest such provider headquartered in Pennsylvania. Acts currently operates 21 communities in eight states with a total of 7,993 units — 5,591 independent living units, 901 assisted living units and 1,441 skilled nursing beds as of Dec. 31.