Ziegler, a specialty investment bank, closed three taxable loans for the Well-Spring Obligated Group to acquire a senior living community and expand its services as a multi-site senior living community operator.

Ziegler served as the placement agent for the taxable loans, with Pinnacle Bank as the lender. Ziegler ran a targeted bank process, whereby several banks were asked to provide a term sheet to fund the acquisition of TVAB as well as provide funds for capital improvements and working capital.

For the swap on the acquisition loan, Ziegler served as swap advisor and helped facilitate the execution of a forward starting swap. Sensitive to rising interest rates, Ziegler worked with Well-Spring to enter into the swap three months in advance of closing, which ultimately resulted in an interest rate that was approximately 0.55% lower than if Well-Spring waited until closing.

Well-Spring, a life plan community, is located on about 90 acres in Greensboro, NC. Open since June 1993, Well-Spring provides housing, health care and other services to seniors through the operation of independent living units, assisted living units, memory care units and skilled nursing units.

Alamance Extended Care, The Village at Brookwood (TVAB) is a life plan community located on about 47 acres in Burlington, NC. Open since July 2003, TVAB provides housing, health care and other services to seniors through the operation of independent living units, assisted living units, memory care units and skilled nursing units.

On Jan. 26, Cone Health and Well-Spring entered into a member admission and substitution agreement whereby Well-Spring would acquire the assets and operations of TVAB. With the completion of the acquisition of TVAB, the Well-Spring Obligated Group will be formed and comprised of both Well-Spring and TVAB, which will result in the creation of a new multi-site senior living operator.

Several years after the purchase of Alamance Regional Medical Center by Cone Health, Well-Spring began providing day-to-day management services to TVAB, serving as a manager since 2015. This collaboration led to discussions with Cone Health about Well-Spring acquiring TVAB.