Ziegler Picks Up Loan Activity with Two More Financings
Ziegler has picked up its loan activity for the second week in a row, closing two large bond financings in Virginia and Florida. Virginia United Methodist Homes of Williamsburg, dba WindsorMeade, a not-for-profit corporation in Williamsburg, Virginia, received the first of the series of bonds totaling $58.24 million. WindsorMeade operates a CCRC in Virginia, consisting of 181 independent living units, 14 assisted living units, 18 memory care units and 22 skilled nursing beds. WindsorMeade filed for Chapter 11 bankruptcy protection in 2013 following liquidity and occupancy challenges, but since the restructuring its overall performance has improved. The current refinancing package include... Read More »
Ziegler Closes Three Large Bond Financings
Ziegler has had a busy start to the month by underwriting three separate bond financings. The first set of bonds was issued to Lifecare, Inc., a not-for-profit operator of Friendship Village in Kalamazoo, Michigan. It consists of an $8.685 million bond issued through the Michigan Strategic Fund and an $11.965 million bond issued through the Economic Development Corporation of the City of Kalamazoo. The proceeds will be used to refund outstanding debt, terminate an interest rate swap and reimburse cost of capital expenditures. The bonds have a 30-year maturity with a weighted average yield-to-call of 3.42% and a weighted average yield-to-maturity of 4.08%. The call provisions included... Read More »
Ziegler Closes Financing for Texas SNF
Ziegler recently closed a $13.6 million refinancing for Mountain View Health and Rehabilitation, a skilled nursing facility owned by Altitude Health Services. This 187-bed facility in El Paso, Texas was acquired by Altitude in 2016 using bank financing. Taking out that debt, Altitude locked in a low, fixed interest rate below 3% with non-recourse debt for 35 years thanks to the HUD refinance. Ziegler Managing Director Christopher Utz noted this new refinancing was difficult to close and had several moving parts. One complication was a large outbreak of Covid-19 in El Paso during summer 2020, and Mountain View Health and Rehabilitation was impacted as a result. As of June 2020, when... Read More »60 Seconds With Ben Swett: Assisted Living – Where Are Values Now?
More than seven months into 2021, assisted living communities have been the most popular targets in the M&A market, representing a plurality, or 41%, of all transactions in the year, so far. Average prices have also risen compared with last year, according to our in-house statistics. But we still have many questions about the market’s fundamentals, what is motivating investors, and how different facilities are being valued today. Has pent-up demand already exhausted itself for this need-based product? Is the recovery meeting expectations, particularly for cash flow rather than just census? Are stand-alone communities preferred, or a continuum of care? These types could be valued very... Read More »Schedule a demo
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