Canterbury Tales
Ziegler is helping a not-for-profit CCRC that has been operating for about 25 years in Waterford, Michigan (about 40 miles from Detroit) both refund existing debt and fund an extensive repositioning project. Already with 255 rental units, including 75 independent living units, 40 assisted living units and 140 skilled nursing beds, the community is owned by Canterbury Heath Care, Inc. and operated by LCS, which has been managing it since 1995. Times have changed though, and ownership is partnering with Greenbrier Development to build a new 32-bed memory care building (connected by a to-be-built two-story structure) and renovate the existing skilled nursing building to convert 24... Read More »
A financing fit for a Queen
A CCRC in the Queen Anne neighborhood of Seattle has plans to add more independent living units as well as a two-story assisted living/memory care building, and is partnering with Ziegler to help finance it. The not-for-profit community opened in 1961 and currently features 124 IL units, 45 AL units and 50 skilled nursing beds, in addition to an intergenerational childcare center. To expand their efforts, Ziegler closed a $57.46 million un-rated, fixed rate bond issue for the CCRC. The financing will also fund additional capital improvements at the community, refund the outstanding Series 1994 bonds, pay a portion of interest on the bonds, fund subaccounts of a debt service reserve fund,... Read More »CCRC in the Sooner State
A CCRC in Stillwater, Oklahoma is full steam ahead, having just received approximately $111 million in tax-exempt fixed-rate bond financing from Ziegler. The project has been 20 years in the making in the local community, which is home to Oklahoma State University and many of its retired faculty, staff and alumni. Located on 55 acres, the 380,000-square foot building will feature 114 independent living units, 23 IL villas, 48 assisted living units, 20 memory care units and 40 skilled nursing beds. Sponsored by Epworth Living, it broke ground in the summer of 2015, and was already 70% presold at the time of pricing the bond issuance. The Series 2016 bonds will be used to fund the... Read More »
New bonds for North Carolina CCRCs
A not-for-profit owner of three CCRCs, totaling almost 1,000 units in North Carolina, recently refinanced all of its Series 2005 fixed rate bonds with the help of Ziegler. The United Methodist Retirement Homes (UMRH) has partnered with Life Care Services since 2000 to operate its three campuses, which include 622 independent living units, 108 assisted living units and 202 skilled nursing beds. To refinance the outstanding bonds, Ziegler closed a $34.485 million tax-exempt, fixed-rate bond issue, with an aggregate yield-to-maturity of 3.47%. That produces net present value savings of $8.91 million (or 22.47% of the principal amount of the refunded bonds). Davenport & Company served as a... Read More »Schedule a demo
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