Investment bank Ziegler has officially closed $24.405 million of bond financing for Ohio-based Eliza Jennings, a not-for-profit organization that currently owns and operates three senior living campuses in the state. The campuses comprise 75 independent living apartments and villas, 89 assisted living units and 216 skilled nursing beds. The first campus is The Renaissance, in Olmsted Falls, consisting of 314 units of senior living. Its second community Devon Oaks, located in Westlake, is a 66-unit assisted living community. Lastly, the third campus is The Eliza Jennings Home, a skilled nursing facility operating 126 beds in the city of Cleveland.
The Series 2022A bonds are tax-exempt and structured to achieve level debt service with a 20-year final maturity of May 15, 2042. Achieving an average yield of 5.356%, the Series A bonds were issued in conjunction with the Series 2022B bonds, which were directly placed, variable-rate interest bonds with a local Ohio bank. Together, the A and B bonds were structured to achieve a pro-forma 50%-50% mix of fixed interest rate exposure to variable interest rate exposure upon closing. Eliza Jennings also made a $7.5 million equity contribution to the financing with intention to de-lever the organization while maintaining adequate liquidity balances. This is Ziegler’s sixth financing that they have completed for Eliza Jennings.
