CHICAGO, Feb. 27, 2026 — Ziegler, a specialized investment bank, is delighted to announce the successful closure of River’s Edge, the largest tax-exempt bond transaction for senior living to date. River’s Edge marks the first CCRC project in New York City and will be situated on the campus of its Sponsor, RiverSpring Living, in the Riverdale area of the Bronx.
Driven by Jewish values and a nonprofit mission, RiverSpring Living promotes and upholds a vision of empowered aging, offering a comprehensive array of care solutions—such as assisted living, senior housing, rehabilitation services, memory care, and the nationally acclaimed Hebrew Home at Riverdale. Nestled on a 32-acre campus with views of the Hudson River, RiverSpring Living will have its community managed by RS Services, an affiliate of the Sponsor, once it opens.
“Today, we take another step toward constructing River’s Edge and creating a future for our residents that is rich in enrichment, connection, and community,” stated David V. Pomeranz, President & CEO of RiverSpring Living. Pomeranz continued, “We are excited to bring the first Life Plan Community to New York City and are grateful to the exceptional team at Ziegler for their leadership in making this historic transaction a success.”
RiverSpring Living engaged Chicago-based Integrated Development II (ID2) as its development consultant and Ziegler as its senior manager to advance its nonprofit mission through the River’s Edge project. River’s Edge represents ID2’s first nonprofit project, though the firm’s team boasts extensive experience in the for-profit CCRC sector. “River’s Edge will stand among the top CCRC’s in the U.S., located on a unique site within the robust NYC market, supported by RiverSpring Living’s seasoned operational team,” stated Matt Phillips, CEO of ID2. The Project, the initial phase of a planned two-phase development, will be situated on land leased from the Hebrew Home at Riverdale. It is projected to be an 11-story building spanning approximately 441,000 square feet, featuring 260 independent living apartment units. The Project will offer luxurious one- and two-bedroom layouts, highlighting stunning views of the Hudson River, the Palisades, the George Washington Bridge, and the Manhattan skyline. Regulated by the NYS Department of Health and the NYS Department of Financial Services, River’s Edge is an Article 46 Lifecare CCRC. At the time of financing, the Project had secured presales for over 85% of its 260 independent living units.
The $633 million financing will be allocated to cover project expenses for developing 260 independent living apartments, constructing related amenities, capitalized interest over 39 months, debt service reserve funds for each bond series, and issuance costs.
Chad Himel, Managing Director at Ziegler, and Keith Robertson, Managing Director at Ziegler, jointly noted, “It was an enormous privilege to collaborate closely with the River’s Edge team on this historic financing, which will position the RiverSpring Living organization for the next 100 years.”
Ziegler leads the nation as the top underwriter of financings for nonprofit senior living providers. It delivers innovative, customized solutions to its senior living clients, encompassing investment banking, financial risk management, merger and acquisition services, seed capital, FHA/HUD support, capital and strategic planning, along with senior living research, education, and communication.
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About Ziegler:
Ziegler is a privately owned, national boutique investment bank, capital markets, and proprietary investments firm. It specializes in healthcare, senior living, and education sectors, as well as general municipal and structured finance. Headquartered in Chicago with regional and branch offices across the U.S., Ziegler offers clients capital raising, strategic advisory services, fixed income sales, underwriting and trading, along with Ziegler Credit, Surveillance, and Analytics. To learn more, visit .
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SOURCE Ziegler