Ziegler, a national boutique investment bank, closed $76.0 million of Series 2023 bank bonds for Brazos Presbyterian Homes, Inc. (BPH) to fund an expansion of the company’s community in Austin, Texas, called Longhorn Village. In addition, the bonds refinanced a portion of the outstanding Series 2013B bonds and paid costs of issuance. The Series 2023 bonds are tax-exempt, draw-down bonds supported by a three-bank syndicate comprised of Amegy Bank, Hancock Whitney and Trustmark.
Founded in 1960, BPH is a not-for-profit corporation that owns and operates three CCRCs in Texas: Brazos Towers at Bayou Manor, The Hallmark and the aforementioned Longhorn Village. The expansion project consists of 48 new independent living apartments that are 100% pre-sold, with underground parking. Additionally, Longhorn Village will renovate common spaces including dining, putting green, theater, wellness spa, fitness center and pool. To assist with the development and marketing of the project, BPH utilized the services of Greenbrier Development.
The Series 2023 notes were issued through the California Public Finance Authority and are not rated. They are tax-exempt and taxable fixed interest rate bonds with a final maturity of May 15, 2028, and are expected to be refinanced on or prior to the final maturity as part of the construction financing.
