Ziegler announced the successful closing of a $25 million tax-exempt bond issue for Orlando Senior Health Network. The Series 2025 bonds were issued through the Florida Local Government Finance Commission. This marks the third transaction Ziegler has completed for OSHN over the past decade.
Orlando Lutheran Towers, Inc., doing business as Orlando Senior Health Network, is a Florida not-for-profit corporation that owns and operates a Type-B CCRC, Orlando Lutheran Towers. Built in 1980, the community features 184 independent living units in one building (the Fountains), 81 assisted living units in another building (Windsor Place), and 168 skilled nursing beds on 4.5 acres in downtown Orlando, Florida.
The proceeds of the bonds will be used, together with other available funds, to finance and refinance (including reimbursement of prior related expenditures) the renovation of the existing Fountains building, the renovations to the dining and common amenity spaces in the Windsor Place building, various routine capital expenditures for the community, capitalized interest on a portion of the bonds for a period of 15 months, a debt service reserve fund for the Series 2025 bonds, and paying the cost of issuance of the Series 2025 bonds.
