Ziegler announced the closing of the PRS Pacific Northwest Obligated Group Series 2025AB bonds issued through the Oregon Facilities Authority. PRS is a repeat sponsor. The proceeds of the bonds, together with other available funds, will be used to fund the construction of the Cascade Manor Project, a 29-unit independent living expansion, fund a portion of interest during construction, and fund certain costs of issuing the bonds. The bonds are secured by a pledge of gross revenues and real estate of the four Obligated Group communities in Oregon and Washington.
Cascade Manor, Inc. is a not-for-profit corporation operating the CCRC in Eugene, Oregon. Since becoming an affiliate of PRS in 1996, Cascade Manor has undergone a 50-unit campus expansion and numerous campus improvements including a state-of-the-art fitness center, indoor pool and spa.
Ziegler served as placement agent to structure and place the bonds with Truist Bank. The bonds are structured as floating rate with a draw-down feature to limit interest expense during the construction period. To help mitigate interest rate risk, PRS worked with Ziegler Structured Products to implement a hedging strategy for a portion of the bonds.
