Bond financing will fund construction of new senior living units and refinance existing debt.
A Groton continuing care retirement community has secured $304.2 million in financing to fund a major campus expansion that will add 265 new senior living units, according to an announcement.
Chicago-based investment bank Ziegler said it recently closed the tax-exempt bond financing for Fairview's Vista Point project, calling it one of the largest senior living tax-exempt bond deals completed in Connecticut.
The expansion will be built on about 20 acres of undeveloped land on Fairview's 70-acre campus and will include 193 independent living units, 44 assisted living units and 28 memory support units, along with amenities including dining venues, a fitness center, indoor pool, performing arts center, walking trails and underground parking.
According to Ziegler, the financing will pay for construction of the project, refinance Fairview's existing debt, fund debt service reserves, cover a portion of interest costs during construction and pay financing expenses.
At the time the financing closed, about 70% of the project's independent living units had been pre-sold, according to Ziegler.
The project previously received approval from the Groton Planning & Zoning Commission. Fairview CEO Billy Nelson said in a statement released by Ziegler that the next step is breaking ground on the project.
A construction timeline was not provided.
