Ziegler has been quite busy arranging bond financings for not-for-profit clients, and the team has done it again for two CCRCs in Spokane, Washington. The borrower, Rockwood Retirement Communities (affiliated with Spokane United Methodist Homes), owns and operates Rockwood South Hill and Rockwood at Whitworth, which have a combined 600 residents.
The Whitworth community is set to expand its assisted living and memory care offering, with Phase I including the demolition of a portion of The Manor building to be replaced by 48 new assisted living units and 24 new memory care units. Then, in Phase II, ownership will replace the rest of The Manor, the healthcare center, two duplexes and two courtyard homes with 117 new independent living units, an underground parking garage, and additional common area and administrative areas.
Eventually, all buildings of the Whitworth community will be replaced by 18 additional courtyard homes and four duplex units. To finance Phase II construction, Ziegler placed $81.4 million in tax-exempt, fixed-rate bonds that amortize over 35 years and wrap around existing indebtedness to result in level, aggregate, annual debt service.
