Ziegler closed $36.0 million in financing for Northern California Congregational Retirement Homes, Inc, doing business as Carmel Valley Manor. The borrower was issued Series 2022 bonds, which will be used together with an equity contribution to fund various campus improvement projects, refinance existing bank debt, fund capitalized interest, fund a debt service reserve fund, and pay costs of issuance. The bonds were issued through the California Municipal Finance Authority and amortized over a 30-year period. They were also issued with a seven-year call at 103, declining to par in 2032.
Carmel Valley Manor is a California not-for-profit public benefit corporation that operates a CCRC on 25 acres in Carmel, California, just south of San Jose. The community comprises 27 residential living cottages, 119 residential living apartments, 24 assisted living units and 36 skilled nursing beds. As part of a campus-wide repositioning plan, the community will embark on a Phase 2 expansion across all its services.
