Ziegler has finalized a $304 million tax-exempt bond financing to support Fairview’s Vista Point Project, described as one of the largest senior living tax-exempt bond transactions completed to date in Connecticut. The specialty investment bank served as underwriter on the transaction, which is structured to fund a major expansion of Fairview’s senior living community in Groton while also strengthening the organization’s balance sheet.
Proceeds from the $304 million issuance are earmarked for several purposes. The financing will be used to pay for construction of the Vista Point expansion, which will add new facilities to Fairview’s existing senior living campus. In addition, a portion of the capital will retire all outstanding indebtedness of the organization, consolidating legacy obligations under the new bond structure. The transaction also capitalizes debt service reserve funds for each series of bonds, funds capitalized interest, and covers certain associated costs.
The Vista Point expansion will be developed on Fairview’s long-held campus in Groton, CT, on land that the organization has owned for more than a century. The new project is planned for an undeveloped portion of the site, allowing the community to grow without relocating existing operations. Fairview’s property was originally founded in 1892 as the Odd Fellows Home of Connecticut and has since evolved into a retirement community offering independent living apartments, cottage homes, and a nursing home across approximately 70 acres.
Vista Point is slated to occupy roughly 20 acres of the undeveloped land within the broader Fairview campus. By building on this unused portion of the site, the organization aims to expand its senior living offerings while maintaining the established setting that has served residents for generations. The expansion is intended to advance Fairview’s not-for-profit mission by increasing capacity and enhancing its continuum of care on the same Groton campus.
To execute the initiative, Fairview selected Greystone Communities as its development consultant, providing strategic and development advisory support for Vista Point. Ziegler acted as underwriter on the bond financing, working with the organization to bring the tax-exempt issuance to market. With the financing in place, Fairview is positioned to move forward with construction of the Vista Point expansion and its broader campus growth strategy in Groton.
