Nonprofit Snags $45M Refi for Memphis-Area Senior Community

The funding pays out existing Series 2012 bonds through a Cinderella Refunding scheme.
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The Village at Germantown Inc. has obtained $45.2 million in Series 2020 bank bonds for The Village at Germantown, a senior community in Germantown, Tenn.

The funding refinances existing Series 2012 bonds through a Cinderella Refunding scheme which will convert taxable bank debt to a tax-exempt structure in September 2022, once the old bonds are called.

Financial services firm Ziegler secured the 12-year loan with a 27-year amortization period provided by First Horizon.

Catering to adults aged 55 and older, The Village at Germantown occupies more than 27 acres at 7820 Walking Horse Circle. The community consists of interconnected one-, two- and three-story buildings encompassing 230 independent living, 32 assisted living and 16 memory care units, as well as 50 skilled nursing beds. Amenities include a fitness center, cinema, indoor pool, library and pub with sunken bar.

Situated roughly 2 miles north of the city center, the community is close to parks, shopping and dining, with three shopping malls within a 2-mile radius. Additionally, the surrounding area holds several hospitals and medical centers. The property is also 5 miles from another Germantown senior community that was refinanced in March.

The Ziegler Investment Banking team arranging the transaction included Brandon Powell, Genia Weeks and Caroline Robertson.