Multi-Site Senior Living

Attending the 2026 NIC Spring Conference in Nashville last week was an energizing experience. The Ziegler team spent the week actively engaging with both long-standing clients and new relationships, discussing a range of strategies to support investment and growth in today’s evolving and opportunity-rich environment.

Ziegler is pleased to announce the successful closing of Presbyterian Living’s $32,220,000 Series 2026A Bonds. The transaction also includes $29,335,000 of Series 2026B Bonds, which are expected to close on August 4, 2026. Headquartered in Skokie, IL, The Presbyterian Living Obligated Group consists of two communities, Westminster Place in Evanston, IL, and Lake Forest Place, in Lake Forest, IL. Together the campuses consist of 506 independent living apartments and villas, 126 assisted living apartments, 20 memory care assisted living apartments, 95 memory care units and 150 skilled nursing beds. Bond proceeds will primarily be used to refinance existing debt.

Ziegler is pleased to announce the successful closing of Mennonite Village’s $86,215,000 Series 2026AB Bonds. Situated on a 275-acre campus in Albany, Oregon, in the Willamette Valley, Mennonite Village consists of 299 independent living cottages, 18 independent living apartments located in a building known as Ashwood Court II, 42 skilled nursing beds located in a building known as Mennonite Home, 96 assisted living apartments located in a building known as Quail Run, and 28 memory care beds located in a building known as Lydia’s House. Mennonite Village is undertaking a significant expansion comprised of 60 Independent Living cottages, the replacement of the existing 28 memory care units in Lydia’s House with a new memory care building containing 24 memory care suites and a new kitchen.

Ziegler is pleased to announce the successful closing of Odd Fellows Home of California’s $101,745,000 Series 2026AB Bonds. Odd Fellows owns and operates two senior living communities in Saratoga and Napa that provide residential living, assisted living and skilled nursing to seniors. Bond proceeds will primarily be used to construct 52 new apartments across three new buildings and one new single-story cottage a new 3,300 square foot auditorium with 16 garage parking spaces below, a new 1,000 square foot exercise room and dining room improvements at the Saratoga location.

Senior housing has long been viewed through a real estate lens, with performance tied to occupancy, lease-up, and cap rates. Today, that paradigm is shifting. Increasingly, value is being driven not by the asset itself, but by the operating platform behind it.

Ziegler’s latest CFO Hotline^SM on Governance in Senior Living highlights a sector actively evolving its governance practices while remaining grounded in long-standing structures. Based on responses from more than 150 organizations, the findings point to a growing emphasis on intentional, skill-based governance alongside continued adherence to mission-driven traditions.

In February 2026, Ziegler distributed a CFO Hotline^SM on topics surrounding senior living governance. This report examines the responses from over 150, primarily not-for-profit, organizations. Among respondents, roughly 60% were single-site and around 40% multi-site.

Ziegler is pleased to announce the addition of Nancy Hooks as Catholic Elder Care and Post-Acute Specialist for the firm’s Senior Living Finance Practice. Hooks joins Ziegler from LeadingAge National, where she served as Senior Vice President of Member and State Partnerships. In her role, Nancy will provide strategy advice to Ziegler’s clients, while also working to promote a sustainable future for Catholic elder care services.

Ziegler is pleased to announce the successful closing of a $30,000,000 tax-exempt fixed rate bond issue for Butterfield Trail Village, Inc. (BTV), an Arkansas not-for-profit CCRC located on 48-acres in Fayetteville. BTV currently consists of 280 independent living units, 12 assisted living units, and 78 skilled nursing units. Bond proceeds will primarily be used to finance and refinance (i) construction of a new assisted living facility with 38 units; (ii) conversion of the existing assisted living center into seven new independent living units; (iii) new office space for the marketing and business office teams; and (iv) $11.2 million of past capital expenditures for 2025 and future capital expenditures for 2026 and 2027.

Senior Living Stats and More