Ziegler announced the closing of Frasier’s $44.14 million Series 2025A bonds through the Colorado Health Facilities Authority. Frasier Meadows Manor, Inc. (Frasier) is a Colorado not-for-profit founded in 1956 in Boulder. Frasier is the only CCRC in Boulder offering the full continuum of care and is also the oldest retirement community in Boulder.
Today, the CCRC offers 303 independent living units, 19 assisted living units, 19 memory care units and a 54-bed skilled nursing facility. Frasier offers a “Type B” entrance fee contract to its independent living residents, offering a discounted rate to higher levels of care if needed. The community maintains a 742-household waiting list.
Frasier’s most recent expansion (The Prairies) opened during the pandemic in 2020. It filled its 98 independent living apartments to stabilized occupancy in under six months. Frasier is in the early planning stages for its next expansion (Mesa Ridge) to add another 95 independent living apartments in the coming years.
This transaction marks Frasier’s seventh financing with Ziegler. The bonds consist of a mix of serial and term bonds maturing over 23 years and amortized around its existing debt to result in level annual debt service payments through maturity. The bonds are subject to optional redemption on May 15, 2032, at 103%, declining to par in 2035. Proceeds will be used to refund Frasier’s Series 2020A&B notes held by a bank and pay costs of issuance. The Series 2025A bonds were financed without a debt service reserve fund.
