GIG HARBOR, Wash. — Ziegler has arranged $74.6 million in financing for Heron’s Key, a continuing care retirement community located just across Puget Sound from Tacoma in Gig Harbor.
Currently, the community consists of 194 independent living units, 30 skilled nursing beds and 51 assisted living units. Heron’s Key is a subsidiary of Emerald Communities, which is based in Redmond.
Proceeds of the Cinderella bank placement will be used by Heron’s Key with other available funds to advance refinance its 2015 bonds, which financed the original construction of the community. The oan was placed directly with Truist Bank with a 10-year bank commitment.
“This average annual debt service savings of $1.1 million will benefit Heron’s Key and aid in building cash that will result in developing a Phase II sooner than later,” says Lisa Hardy, CEO of Emerald Communities.
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