Ziegler has closed two financings for communities in Wisconsin and Virginia. First, Ziegler arranged $38.68 million of Series 2021 fixed-rate revenue bonds for the construction of a new seniors housing community in Muskego, Wisconsin. The financing was provided to PHW Muskego, Inc., a not-for-profit affiliate of Presbyterian Homes and Services. They are non-rated, tax-exempt serial and term bonds with a 40-year maturity.
Proceeds of the bonds will be used to finance the construction of Stair Crest community, fund a debt service reserve fund, fund 18 months of interest on the bonds and pay costs of issuance associated with the loan. Stair Crest is set to contain 80 independent living units, 40 assisted living units (20 of which will be used for memory care) and a town center.
The second closing was $71.33 million of Series 2021A/B bonds for Williamsburg Landing in Williamsburg, Virginia. This CCRC was founded in 1982 and contains 317 independent living units, 72 assisted living units, 24 memory care units and 73 health and rehabilitation units.
The proceeds of the bonds will be used to refund nine existing bank obligations, pay swap termination payments, fund a debt service reserve fund for the Series 2021A bonds and pay certain costs of issuance for the bonds. The Series 2021B bonds will be used to pay the swap termination payments.
