Ever prolific, Ziegler closed over $115 million in bond financings on behalf of two CCRC clients. The larger of the closings totaled $75 million and was arranged for a 483-unit CCRC in Seattle, Washington. Founded in 1961, the community is affiliated with the Pacific Northwest Conference of the United Church of Christ and features 378 independent living, 80 assisted living and 25 memory care units, with more than 540 residents. With the bond proceeds, the community was able to refund all of the $45.4 million of outstanding Series 2014A Bonds, refund all of the $11.1 million outstanding Series 2014B bonds, pay fees related to the termination of certain interest rate hedge agreements and fund costs of remodeling and renovation projects, resulting in a cost of capital in the low 4% range on a yield-to-maturing basis.

Ziegler continued their work in Grand Rapids, Michigan, closing a $42.54 million bond issuance for a 302-unit/bed CCRC that featured both entrance fee and rental units. The community was originally founded in 1951 by local Baptist churches and has since grown on its 20-acre campus to include 170 entrance fee independent living units, 20 rental IL units, 48 assisted living units, 35 memory care units and 29 skilled nursing beds. Ownership had initially wanted to refinance outstanding Series 2015 bonds with a two-part financing containing both bank debt and public fixed-rate debt. However, interest rate spreads grew and the community opted for solely public debt, which not only refunds the outstanding Series 2015ABCD bonds held by First Midwest Bank and The Huntington Bank, but also pays for the termination fee of two hedge agreements related to the outstanding bonds, funds certain capital expenditures and funds a debt service reserve fund, along with costs of issuance.