Heron's Key Secures $107 Million for Gig Harbor Expansion

The financing, facilitated by investment bank Ziegler, supports a significant construction push that includes a 111,656-square-foot building. This addition will introduce 54 residential units, a swimming pool, and new dining venues to the Harbor Hill neighborhood site. Alongside the new construction, the organization plans to repurpose 13 existing skilled nursing units into seven assisted living spaces to better align with current resident needs.

Rated A- by Fitch Ratings, the Series 2026AB Bonds are secured by the Emerald Communities Washington Obligated Group, which encompasses both the Heron's Key and Emerald Heights campuses. The debt structure splits between short-term fixed-rate Series B bonds, intended for repayment upon reaching 80% occupancy, and long-term Series A bonds amortizing over 25 years. This deal marks the third collaboration between Ziegler and Heron's Key, as the community seeks to build on its existing capacity of 194 independent living units and specialized care beds.