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 »
Ziegler Finances Wingate Healthcare Acquisition
Ziegler successfully closed $42.5 million in rental senior housing bonds, consisting of both taxable and tax-exempt bonds, to support Wingate Healthcare’s acquisition of two senior living communities in New England. The Pittsfield, Massachusetts community has 125 beds in 118 units, while the Providence, Rhode Island community has 96 beds in 93 units. Both offer assisted living and memory care services and were previously operated and leased by an affiliate of Wingate, which should make for an easier ownership transition. Wingate will also reposition the properties, including converting the previously closed skilled nursing beds at the Providence property into early-stage memory care units... Read More »
Ziegler Finances SNF Repositioning/Renovation Project
Ziegler worked on behalf of St. Ann’s of Greater Rochester, a seniors housing and health services provider in the Rochester, New York area, to fund a campus-wide improvement project that started in 2015. The first phase involved the relocation of 34 post-acute rehabilitation beds from one facility to the ninth floor of its largest skilled nursing facility, St. Ann’s Community. Phase II will be comprised of a renovation to floors three through eight of St. Ann’s Community, and will result in a net-reduction of 96 beds. Together with other available funds, St. Ann’s received $108.825 million in tax-exempt, fix-rate bonds to finance the project, capitalized interest, outstanding indebtedness... Read More »
Ziegler Finances SNF Expansion for Large Florida CCRC
A massive senior living community in Fort Myers, Florida, has plans to replace its skilled nursing facility, and just received bond financing to do it. Ziegler arranged the placement of the $81.16 million in bonds for the Obligated Group, which consists of two Florida not-for-profit organizations: The Christian and Missionary Alliance Foundation, Inc. (d/b/a Shell Point) and The Alliance Community for Retirement Living, Inc. Shell Point operates the Fort Myers campus, which includes 1,292 independent living units, 410 assisted living units and 219 skilled nursing beds spread across two locations that total 225 acres. The campus has come a long way from the original 48 IL units built in... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
