Ziegler announced the closing of the Parkshore Juanita Bay (PSJB) $62.42 million Series 2024 bonds through the Washington State Housing Finance Commission. Ziegler pressed the max yield below 6% despite an aggressive five-year par call feature.
PSJB constructed The Gardens at Juanita Bay, an assisted living community in the Juanita Bay neighborhood on the shores of Lake Washington, in 1977. And in December 2018, PSJB affiliated with Presbyterian Retirement Communities Northwest dba Transforming Age. In 2021, management announced plans to develop and convert the existing The Gardens at Juanita Bay into a new 50-unit independent living community to be named Parkshore Juanita Bay.
The community consists solely of independent living services and amenities on site with residents receiving a healthcare benefit through the broader Transforming Age network of communities or another community of their choosing.
The Series 2024 bonds comprise three series: 2024A, 2024B-1 and 2024B-2. The 2024A bonds consists of long-term tax-exempt fixed interest rate term bonds achieving level debt service with a 35-year final maturity (January 1, 2059) and the 2024B bonds consist of TEMPS-85SM (2024B-1) and TEMPS-65SM (2024B-2) expected to be repaid with initial entrance fees.
The proceeds of the Series 2024 bonds will be used primarily to pay or reimburse PSJB for the costs of the acquisition, development, construction, improvement and equipping of the community, pay a portion of the interest on the Series 2024 bonds during the construction of the community, fund debt service reserve funds for the benefit of the Series 2024 bonds, and pay certain costs of issuing the Series 2024 bonds.
