Ziegler announced the closing of the Trinity Terrace $72.55 million Series 2024 bonds through the Tarrant County Cultural Education Facilities Finance Corporation. The transaction was structured without a mortgage or real estate pledged as security to bondholders.
The Cumberland Rest, Inc. d/b/a Trinity Terrace is a not-for-profit corporation incorporated under the laws of the State of Texas in 1902 for the purpose of providing housing for aged and indigent Christian women. Trinity owns/operates a CCRC in Fort Worth, Texas, known as Trinity Terrace. The community, which sits on 5.457 acres, was originally opened in February 1983. It features 316 independent living apartments, 12 assisted living apartments, 17 memory support apartments and 42 skilled nursing beds. The community’s SNF currently has a five star rating from CMS.
The bonds have an A- rating from Fitch and were issued through the Tarrant County Cultural Education Facilities Finance Corporation. The bonds consist of long-term tax-exempt fixed interest rate bonds achieving level debt service with a 25-year final maturity (October 1, 2049).
The proceeds of the bonds, together with other available funds, will refund the issuer’s outstanding revenue bonds, Series 2014A-1, repay tax-exempt bank loans, pay any termination payment due in connection with the borrower’s existing swap agreement, and pay certain costs of issuing the bonds.
Ziegler also announced the closing of the Bayview $13.29 Series 2024 bonds through the Washington State Housing Finance Commission. Ziegler secured the financing below 6.0%, while maintaining an aggressive call feature of seven years.
Bayview Manor Homes d/b/a Bayview Retirement Community is a not-for-profit that owns/operates a CCRC for more than 199 residents in its 133 independent residential, 34 assisted living and 10 memory care units. Bayview also operates an intergenerational child care center located in the community for up to 42 children.
The Series 2024 bonds consist of long-term tax-exempt fixed interest rate bonds issued on parity with the 2016 bonds and structured with a 35-year final maturity (July 1, 2059). Principal amortization will wrap around the existing Series 2016A bonds, resulting in level aggregate annual debt service.
The proceeds of the Series 2024 bonds, together with other available funds of the organization, will be used to pay or reimburse costs incurred by Bayview in connection with the installation of new exterior windows across the majority of the community and improvements to unit balconies, fund predevelopment costs of the future project, and undertake routine capital improvements as determined by management.
