Ziegler Structures Debt For Radiant Senior Living Acquisition
Ziegler served as exclusive capital structuring advisor on a debt placement for the borrower, Radiant Senior Living, to acquire a portfolio of three seniors housing communities in the Pacific Northwest. Two of the properties are located near Seattle, Washington, while the third is in Bozeman, Montana. Previously owned by a publicly traded REIT, they combine for 36 independent living and 204 assisted living units and generate in-place, stabilized cash flow. However, there is an opportunity to add value through economies of scale, which suits Radiant and its 18-property portfolio in the Pacific Northwest. The $42.6 million in financing consisted of both senior and mezzanine debt,... Read More »
Ziegler Closes Large Bank/Bond Financing
Ziegler closed a huge financing package for HumanGood California Obligated Group to take out outstanding debt, advance refund other previous bond series and fund various campus improvements across the 14 CCRCs owned and operated by the Obligated Group in California. Altogether, the bank capital totaled $125 million. There were $15.48 million in Series 2020A revenue and refunding bonds that refinanced an existing tax-exempt bank placement and came with a commitment period of 16 years, matching the previous placement. The Obligated Group received a variable rate based on 79% of one-month LIBOR plus a bank spread and also entered into an interest rate cap with a strike price of... Read More »
Ziegler Finances Spokane CCRC Expansion
Ziegler has been quite busy arranging bond financings for not-for-profit clients, and the team has done it again for two CCRCs in Spokane, Washington. The borrower, Rockwood Retirement Communities (affiliated with Spokane United Methodist Homes), owns and operates Rockwood South Hill and Rockwood at Whitworth, which have a combined 600 residents. The Whitworth community is set to expand its assisted living and memory care offering, with Phase I including the demolition of a portion of The Manor building to be replaced by 48 new assisted living units and 24 new memory care units. Then, in Phase II, ownership will replace the rest of The Manor, the healthcare center, two duplexes and two... Read More »
CCRC Bond Financing Rocks This Year
A week does not go by without another announcement about either a refinance of a not-for-profit CCRC or a new financing with the proceeds being used to expand or renovate, and even new, ground-up CCRC developments. Expand, during the worst pandemic in 100 years when seniors housing occupancy is plummeting? That’s what we said. In our first transaction, Cain Brothers had been working with Whitestone: A Masonic and Eastern Community since 2007, when several areas of need were identified to make the community more competitive. It opened its doors in 1913 and is the oldest CCRC in North Carolina. It has been managed by Life Care Services, which together with Cain... Read More »Schedule a demo
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