Senior Quality Lifestyles Corporation (SQLC), a Texas-based nonprofit that operates six senior living communities, hired Ziegler for the fourth time in 2015 to refinance one of its properties, which is located in the Barton Creek neighborhood of Austin, Texas and consists of 157 independent living units, 10 IL villas, 40 assisted living units, 23 memory care units and 42 skilled nursing beds. In order to refund $37.7 million in outstanding Series 2005 Bonds and finance renovations on the property, including a restoration project, SQLC turned to Ziegler to close a $50.69 million tax-exempt bond issue. The financing also helped fund a debt service reserve fund, pay the cost of issuance and generated significant savings, which would enable SQLC to borrow additional funds to repair the façade of the building and expand the common areas of the campus. This transaction also marks the 13th time Ziegler has underwritten a transaction for an SQLC-sponsored community, for a total of $1.1 billion in bonds issued over the years.
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