Senior living organization Brio Living Services has secured $113.5 million in financing from Chicago-based Ziegler.
Proceeds from the Series 2025 Bonds will be used to finance Phase I of Brio’s multi-phase repositioning project at its Porter Hills Village campus located in Grand Rapids, Michigan. Construction is underway, and the plans include a 250,000-square-foot building to replace the existing facilities, as well as the construction of an additional 57 independent living apartments. Construction of the new Porter Hills Village building is expected to be completed by the end of 2027.
The Series 2025 Bonds were structured as a single-bank, tax-exempt direct placement with a synthetic all-in pay-fixed interest rate of 4.178% through the bank’s ten-year commitment period. “This $113.5 million financing for the Porter Hills Village repositioning project represents Ziegler’s seventeenth financing with Brio or one of its progenitor organizations since 2009,” said Tom Meyers, Senior Managing Director at Ziegler.
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