Mennonite Home of Albany, Inc., an Oregon nonprofit public benefit corporation doing business as Mennonite Village, has closed on $86.2 million in tax-exempt Senior Living Revenue Bonds issued through the Hospital Facility Authority of the City of Albany, Oregon and underwritten by Ziegler, achieving a BBB stable rating from Fitch Ratings as a first-time borrower. The financing will support the first phase of a comprehensive master plan to address long term expansion of the community’s campus in Albany, Oregon.

Set within the Willamette Valley, Mennonite Village currently serves residents across the full continuum of care, including independent living, assisted living, memory care, and skilled nursing. The community includes 299 independent living cottages, 18 independent living apartments, 96 assisted living residences, 28 memory care beds, and 42 skilled nursing beds, along with a range of shared amenities and services.

Bond proceeds will be used to fund the development of 60 new independent living cottages; construction of a new 17,400-square-foot memory care building with 24 private suites, replacing the existing 28-bed memory care building; a replacement kitchen; targeted modifications to the skilled nursing building; and routine capital improvements across the campus. Construction is anticipated to begin in April 2026, with initial occupancy expected in the second half of 2027.

Market demand for the expansion has been strong, with 50 of the 60 new independent living cottages reserved as of March 31, 2026. The community is offering multiple residency contract options, along with Charter Benefits for early depositors.

Greystone is serving as the development consultant for the project, providing planning, financial structuring, marketing, and development oversight. Greystone will continue to support the expansion through marketing and development services through 90% occupancy of the independent living cottages.