Ziegler recently closed on $140 million in bond financing for the MonteCedro continuing care retirement community (CCRC) in Altadena, Calif., which is being developed by an affiliate of Episcopal Communities & Services (ECS).
(Rendering courtesy of ECS)
State-backed bond sale might spur more not-for-profit CCRCs in California
By Murray W. Wolf
It isn’t easy to develop a continuing care retirement community (CCRC) in California. Land and construction costs are above the national average, the project approval process is notoriously difficult, and senior living facilities are highly regulated in the state. CCRC development is even tougher for not-for-profit organizations that can’t look forward to big profits after the doors open – and explains why very few not-for-profit CCRCs have been developed in the state in recent years despite obvious demand.
But last month’s successful sale of slightly more than $140 million in bonds for the new MonteCedro CCRC in Altadena, Calif., could set the stage for more not-for-profit continuing care campuses in California.
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