Ziegler closed a $33.78 million tax-exempt bond issue for Christwood, a Louisiana-based not-for-profit. The Series 2024 bonds were issued through the Louisiana Local Government Environmental Facilities and Community Development Authority and are not rated.
Christwood operates a CCRC in Covington, Louisiana. Built in 1996, Christwood sits on 117 acres and currently comprises 161 independent living residences (of which there are 143 apartments and 18 cottages), 34 assisted living units, 29 cognitive care units and 30 skilled nursing beds.
The proceeds of the Series 2024 bonds will be used to refinance the not-for-profit’s outstanding debt, finance certain improvements at the community including capitalized interest on a portion of the bonds for a period of 17 months, funding a debt service reserve fund and paying the cost of issuance of the Series 2024 bonds.
Ziegler has partnered with Christwood before, including four bond issues since 1995. This bond issue will allow Christwood to reduce interest expense with an average annual cash flow savings of over $215,000 while simultaneously allowing the community to fund multiple projects on its campus.
