Chicago – October 01, 2026 -- Ziegler, a specialty investment bank, has closed a $32,453,000 Series 2026 financing for Lourdes Senior Community, a single-site not-for-profit senior living provider in Waterford, Michigan.
Bond structure splits refunding and new construction debt
The financing comprises $14,453,000 in Series 2026A Refunding Revenue Bonds and $18,000,000 in Series 2026B Bank Draw Down Bonds. Proceeds will refinance Lourdes' outstanding Series 2019 Bonds and fund construction of a new 60-unit independent living building.
WesBanco takes direct placement with full interest-rate swap
The Series 2026 Bonds were structured as a tax-exempt direct placement with WesBanco, including a 100% swap. The deal carries a 10-year bank credit commitment period through September 1, 2026, with final maturity set for September 1, 2046. Ziegler served as both placement agent and swap advisor on the transaction.
Lourdes expands its 38-acre lakefront campus continuum of care
Operating since 1965 on a 38-acre lakefront campus in Oakland County, Lourdes currently totals 221 units and beds: 55 independent living units at Fox Manor on the Lake, six independent living villas, 60 assisted living units at Joseph T. Mendelson, 20 memory care units at Clausen Manor, and 80 skilled nursing beds at the Lourdes Rehabilitation and Healthcare Center. The campus also hosts a 15-room inpatient hospice center operated by Angela Hospice. Lourdes is operated by Dominican Health Care Corporation and sponsored by the Dominican Sisters of Peace.
Ziegler cites volatile rate environment in securing terms
Tom Meyers, Senior Managing Director in Ziegler's Senior Living Finance Practice, said Lourdes secured strong financing terms despite heightened market volatility and an uncertain interest-rate environment, crediting the organization's management strength. This marks the third time Ziegler has served Lourdes on a financing transaction.
New independent living building breaks ground next month
Rich Acho, President and CEO of Lourdes Senior Community, said construction on the new independent living building is set to begin next month, positioning the organization to serve rising demand tied to the Baby Boomer generation. Ziegler ranks as the nation's leading underwriter of financing for not-for-profit senior living providers, based on lead-managed underwriting volume through LSEG data as of December 31, 2025, excluding for-profit bond financings.