GRAND ISLAND, Neb. — Ziegler has arranged $48 million in financing for Tabitha Grand Island for the construction of Tabitha at Prairie Commons in Grand Island.
The financing comprises $34 million in bonds placed with Pinnacle Bank, a $12 million subordinate loan placed with Mission Investment Fund of the Evangelical Lutheran Church in America, and a $2 million tax incremental financing loan provided by Pinnacle Bank.
The borrower is a Nebraska nonprofit established in 2019 for the purpose of constructing and operating Tabitha at Prairie Commons, which will feature 81 independent living apartments, an assisted living center with 20 assisted living units and 20 memory care units, and a 36-bed nursing community. The Project site is part of a 100-acre, master-planned development that, upon completion, is expected to include a hospital, medical offices, apartments, retail, restaurants, and family amenities such as bike trails and a splash pad.