A CCRC in Stillwater, Oklahoma is full steam ahead, having just received approximately $111 million in tax-exempt fixed-rate bond financing from Ziegler. The project has been 20 years in the making in the local community, which is home to Oklahoma State University and many of its retired faculty, staff and alumni. Located on 55 acres, the 380,000-square foot building will feature 114 independent living units, 23 IL villas, 48 assisted living units, 20 memory care units and 40 skilled nursing beds. Sponsored by Epworth Living, it broke ground in the summer of 2015, and was already 70% presold at the time of pricing the bond issuance. The Series 2016 bonds will be used to fund the construction of the community, refinance a $6.75 million predevelopment loan, fund interest for 24 months, establish debt service reserve funds and pay a portion of issuance costs. Epworth Living is contributing $2.03 million as equity to the financings, while other capital contributors include The Weitz Company ($2 million), the OSU Alumni Association ($1 million) and the provider of the predevelopment loan, Herman Meinders ($1.5 million). The permanent debt portion (maturing in 2051) consists of $88.46 million, with an average yield of 6.85%, while the temporary debt portion is comprised of $4.25 million of taxable Mandatory Paydown Securities, $10.75 million of Series 2016B-2 and $7.5 million of Series 2016B-1 expected to be redeemed at 38%, 60% and 75% occupancy of the independent living units, respectively.