Carolina Village Secures $45.6 Million for Expansion and Refinancing

The Series 2026A Bonds, issued through the North Carolina Medical Care Commission, serve a dual purpose: refinancing existing debt and fueling the organization's growth. By extending the maturity on refunding bonds, the non-profit corporation plans to lower its annual debt service requirements, creating fiscal space even after securing $15 million in new capital. The bonds carry a final maturity of 30 years and an overall yield to maturity of 5.376%.

Financial proceeds are earmarked for a $3.3 million sewer lining project and $11.7 million in pre-construction costs for a future expansion. This upcoming phase includes exterior renovations and the addition of balconies to existing independent living apartments, alongside plans for a new 60-unit building. Tommy Brewer, a Managing Director at Ziegler, noted that the financing provides the community with the flexibility needed to address immediate capital requirements while positioning the campus for its next development stage, which is tentatively scheduled for 2027.