Investment banking firm Ziegler just closed a $118.33 million bond financing for Emerald Heights, a not-for-profit CCRC in Redmond, Washington, with 333 independent living units (including apartments and cottages), 40 assisted living beds, 16 memory care units and 61 skilled nursing beds set on 38 acres. Emerald Heights was established in 1979.
The proceeds will be used to finance the construction and equipping of 54 new assisted living units and a sky bridge connecting these units to the main IL building, as well as to fund the construction of 42 new IL units. The remainder of the proceeds will go toward paying off existing debt and certain costs of the bond issuance. The tax-exempt bonds have been rated A- by Fitch. Sarkis Garabedian, Managing Director at Ziegler, handled the financing.
