Ziegler Arranges Another Bank Bond Financing
We know that the lending market has slowed considerably, and has been perhaps the main reason for M&A coming to a crawl, but just a week after arranging a bank bond refinance for a CCRC client, Ziegler has arranged another one for a CCRC in Texas, resulting in a total of more than $150 million in proceeds across the two transactions. That’s an impressive sum these days. Most recently, Ziegler refinanced Westminster, a not-for-profit entrance-fee CCRC in Austin, Texas. Founded in 1972, Westminster has grown over the years to include 327 independent living units, 22 assisted living units, 30 memory care units and 55 skilled nursing beds on a 9.3-acre campus. Life Care Services (LCS) has... Read More »
Ziegler Arranges “Cinderella” Bank Bond Refinance for Tennessee CCRC
Working on behalf of a large CCRC in Germantown, Tennessee, Ziegler successfully closed a series of bank bonds for the not-for-profit sponsor. Incorporated in July 2000, the community has grown on its 27.5 campus to include 230 independent living units, of which there are 202 apartments and 28 patio homes, 32 assisted living units, 16 dementia units and 50 skilled nursing beds, along with plenty of common areas and amenities. The one-, two- and three-story buildings are also interconnected with enclosed, air-conditioned hallways. Ownership was looking to refinance its 2012 bonds using a Cinderella Refunding structure, which consists of taxable bank debt that then converts to non-bank... Read More »
Ziegler Closes SNF Portfolio Sale
Don Husi, Dan Revie and Tedd Van Gorden of Ziegler represented a not-for-profit owner of three skilled nursing facilities in Delaware in a sale that closed earlier this month. The sales price was $67.0 million, or just over $141,600 per bed/unit. That represents one of the highest prices in the state. The seller was Emerald Shelter Group, a Nashville, Tennessee-based owner of seniors housing, healthcare properties and affordable housing assets in the Midwest and Southeast. Two of the nursing facilities are located in northern Delaware, in Newark and Wilmington, while the third property is located further south in Lewes. The portfolio includes 430 skilled... Read More »
Ziegler Closes Integrace Bond Financing
Ziegler secured a revenue bond series for its client, Integrace, Inc., an affiliate of Acts Retirement-Life Communities as of April 1, 2019, to restructure and refinance its debt, which was held with multiple banks and other investors, and to take advantage of low borrowing costs at the time. So, with the help of Ziegler, Integrace issued $99.3 million in bonds, consisting of a tax-exempt series that were priced to yield 2.84% and a taxable series priced to yield 3.3%. The taxable bonds were structured with a 15-year commitment from a large institutional investor, while the tax-exempt bonds came with a seven-year commitment. Neither series had a debt service reserve fund and were not... Read More »