Ziegler Prices $90 Million in Bonds for Givens Obligated Group

Ziegler announced the successful pricing of $90 million in Series 2026 Bonds for the Givens Obligated Group in a Chicago-dated announcement released October 30, 2026. The bonds are rated ‘A-‘ with a negative outlook by Fitch Ratings and are being issued through the North Carolina Medical Care Commission.

The Givens Obligated Group owns and operates two continuing care retirement communities that combined operate 966 total residences. Givens Estates Community, which opened in 1979 in Asheville, North Carolina, currently operates 478 independent living, 42 assisted living and 60 skilled nursing residences. Givens Highland Farms Community, which opened in 1971 in Black Mountain, North Carolina, and was purchased by Givens in 2012, currently operates 331 independent living and 55 skilled nursing residences. Both communities are CARF accredited, according to the announcement.

Bond Terms and Use of Proceeds

The Series 2026 Bonds carry a 35-year final maturity with a wrapped debt service structure that results in a weighted average maturity of 26.04 years and a blended yield to maturity of 5.69%. Ziegler stated it implemented call provisions of six years at 102%, stepping down to par in 10 years.

Proceeds of the bonds will reimburse or fund the addition of 63 independent living residences at Givens Highland Farms. They will also fund the acquisition of a newly acquired building to be used as the corporation’s corporate offices and fund approximately $45.3 million of pre-development costs and early construction activities associated with planned additional independent living residences and health services renovations. A final portion covers costs incurred with the issuance of the bonds.

The Borrower

The Givens Estates, Inc. is a North Carolina non-profit corporation chartered in 1975, according to a disclosure statement dated June 1, 2025, furnished under Chapter 58, Article 64 of the North Carolina General Statutes. The corporation owns and operates Givens Estates, Givens Highland Farms, LLC and Gerber Park 60, the last of which consists of 82 rental apartments and is not a continuing care retirement community. Givens Estates and Givens Highland Farms are licensed by the North Carolina Department of Insurance as continuing care retirement communities. The corporation holds tax-exempt status under Section 501(c)(3) of the Internal Revenue Code and is affiliated with the Western North Carolina Conference of the United Methodist Church; the conference elects all members of the corporation’s board of directors but is not responsible for its financial or contractual obligations.

Givens Estates has been nationally accredited since 1993 and received its most recent accreditation in 2024 from the Commission on Accreditation of Rehabilitation Facilities, the disclosure statement states. The statement also records an ‘A-‘ rating for The Givens Estates, Inc. from Fitch Ratings, which it attributes to high occupancy levels, strong operating performance and sufficient liquidity.

Givens Estates Health Center is licensed by the North Carolina Division of Health Service Regulation to operate 70 skilled nursing beds, of which 56 are Medicare and Medicaid certified and 14 are Medicare certified only. The Richard A. Wood Assisted Living Center is licensed to operate 56 adult care beds. As of December 31, 2024, Givens Estates had 642 residents in independent living, 43 residents in Wood Assisted Living and 59 residents in the health center, for a stated total of 744 residents.

Kevin C. Schwab, president and chief executive officer, joined Givens Communities in 2021 and oversees an organization serving approximately 1,550 residents with more than 500 full- and part-time staff, according to the disclosure statement. In November 2024, the board of directors approved a new Givens Estates campus master plan that includes a new memory care and assisted living facility as well as new independent living units. Givens Estates completed its Friendship Park project in March 2022, consisting of 35 Phase I apartments in one building and 45 Phase II apartments in a second building.

Tommy Brewer, Managing Director in Ziegler’s Senior Living Finance Practice, stated: “We are pleased to have helped bring this $90 million financing to a successful conclusion, providing resources to advance the organization’s strategic capital initiatives and support continued growth.” Brewer said Givens’ management team worked with the guidance of Pearl Creek Advisors throughout the process.

Ziegler describes itself as the nation’s leading underwriter of financing for not-for-profit senior living providers. A footnote in the announcement states the ranking is based on full credit given to senior managers of lead-managed underwriting principal volume for senior living transactions completed nationally, using LSEG data as of September 30, 2026, and excluding for-profit bond financings. The firm states it offers senior living clients investment banking, financial risk management, merger and acquisition services, seed capital, FHA/HUD, capital and strategic planning, and senior living research, education and communication.