CHICAGO, Feb. 6, 2026 — Ziegler, a specialty investment bank, announces it has finalized the financing for Friendship Village of Kalamazoo, involving $103,585,000 in Series 2026A, B-1, B-2, and B-3 Bonds issued via the Economic Development Corporation of the City of Kalamazoo. These are collectively known as the “Series 2026 Bonds.”
Lifecare, Inc., operating as Friendship Village Kalamazoo (“FVK”), is situated on about 72 acres in Kalamazoo, Michigan. This 364-unit life plan community includes 230 independent living units (180 apartments and 50 Garden Homes), 54 assisted living units at its Woodside facility, 23 memory care units (Special Care), and 57 skilled nursing beds (41 in the Health Center and 16 in the Rehabilitation Center). FVK aims to meet the housing, healthcare, physical, emotional, recreational, and social requirements of older adults. The community is managed by Life Care Services (LCS), which also engaged its affiliate LCS Development (LCSD) as the development consultant for the upcoming Project.
Funds from the Series 2026 Bonds will support FVK’s campus expansion and modernization, introducing new and improved amenities, additional independent living housing, and a replacement for the current skilled nursing building. This initiative aims to establish a “next generation” senior living environment (the “Project”). Specific plans involve constructing a new 76-unit independent living apartment building named “The Atlee” on the property’s east side, a new 40-bed long-term skilled nursing center called the “Markillie Care Center” to replace the existing 41-bed Health Center, and a new maintenance building.
By December 31, 2025, about 81.5% (62 of 76) of the Atlee independent living units had been presold, with sales launching in March 2025. The Project also encompasses renovating the Commons’ dining area and serving kitchen, adding an expo kitchen, bistro, and market, and refreshing furniture and finishes. Exterior upgrades will feature new pickleball courts, walking trails, infrastructure, roads, landscaping, and other enhancements.
Tom Meyers, Senior Managing Director in Ziegler’s Senior Living Finance Practice, commented, “Friendship Village Kalamazoo has been a Ziegler client since 1991, and this marks our seventh financing collaboration. This transaction is particularly significant as the Atlee apartments enable FV Kalamazoo to attract Baby Boomers who are beginning to explore senior housing options. Additionally, replacing the skilled nursing units with the Markillie Care Center substantially improves FV Kalamazoo’s continuum of care.”
Meyers added, “LCS Development needed the bond proceeds available by late January to maintain continuous construction funding after the project began in 2025. This schedule presented a distinct challenge for Ziegler to introduce this issue to the public, fixed-rate bond market in the second week of January. Pricing bonds so early in the year was more difficult than anticipated, but Ziegler generated strong investor interest despite a generally quiet market for new issues. Both Ziegler and FV Kalamazoo are very satisfied with the successful pricing outcome.”
“We are excited about the planned expansion and renovations,” said Tim Cain, Executive Director of Friendship Village Kalamazoo. Cain further noted, “These projects are carefully planned for our present and prospective residents. We are constructing a new, cutting-edge skilled nursing center, making major investments in our current amenities—such as upgraded dining spaces—refreshing Woodside Assisted Living, and introducing 76 lovely new independent living residences. These strategic upgrades will reinforce FVK’s capacity to deliver dynamic senior living within a life care community well into the future.”
Ziegler is the top underwriter of financing for not-for-profit senior living providers in the United States. The firm delivers innovative, customized solutions to its senior living clients, encompassing investment banking, financial risk management, merger and acquisition services, seed capital, FHA/HUD financing, capital and strategic planning, plus senior living research, education, and communication.
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About Ziegler:
Ziegler is a privately held, national boutique investment bank, capital markets, and proprietary investments firm with a specialized focus on healthcare, senior living, education, general municipal finance, and structured finance. Based in Chicago with offices across the U.S., Ziegler offers services including capital raising, strategic advisory, fixed income sales, underwriting, trading, and Ziegler Credit, Surveillance, and Analytics. For more information, visit .
This news release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995. The experience of this client may not reflect that of other clients and does not guarantee future results or success. These forward-looking statements involve various risks and uncertainties, including conditions in the securities industry and healthcare sector, the strength of the municipal securities market, the company’s underwriting and distribution capabilities, the market value of advised portfolios, retail brokerage sales volumes, litigation outcomes, and success in hiring and retaining skilled personnel.
SOURCE Ziegler