Ziegler closed a new taxable loan on behalf of Wartburg, a senior care provider in Westchester County, New York. Wartburg’s 103-unit assisted living community in Mt. Vernon had an outstanding 2015 series of Public Fixed Rate Bonds that it wished to advance refund. The sponsor also wished to raise additional new money without materially altering its annual debt service requirements.
So, after analyzing various capital alternatives, Ziegler arranged an $8.4 million taxable loan that will defease the outstanding bonds via a funded escrow account, fund new money to be used for various capital expenditures, and pay for costs of issuance associated with the financing. The Ziegler Investment Banking team members responsible for the relationship management of this client were Keith Robertson and Pat Moran.
