Ziegler Successfully Closes $77 Million Financing for Project
Ziegler Successfully Completes $77 Million Financing
In a remarkable achievement, Ziegler, a well-respected specialty investment bank, has successfully closed $77,115,000 in financing for a transformative project at the Josephine Caring Community. This significant investment, facilitated through the Washington State Housing Finance Commission, underscores Ziegler's commitment to supporting healthcare and senior living communities across the nation.
About Josephine Caring Community
Josephine Caring Community, founded in 1908, operates as a non-profit organization dedicated to providing essential care and support for its residents. Located in the scenic region of Washington, this community encompasses a skilled nursing facility with 131 beds, an assisted living home that can accommodate 65 residents, and a unique child-care program that serves 111 children. With a dedication to diverse care options, Josephine continues to evolve to meet the needs of the population it serves.
Overview of the Cascade Village Project
The financing will primarily fund the Cascade Village Project, which aims to enhance the living options available for residents. This project will introduce a new independent living community that features 63 one-, two-, and three-bedroom apartments, along with two-bedroom villa homes. Residents can expect modern amenities nestled in a serene, park-like environment that promotes social interaction and connectivity through beautifully designed pedestrian walkways and courtyards.
Strategic Importance of the Financing
This financial closing marks a significant step for Josephine Caring Community as it strengthens its partnership with Ziegler. The financing structure includes both short-term fixed-rate Series B and C Bonds, which are projected to be fully repaid upon achieving approximately 75% occupancy. Additionally, the long-term fixed-rate Series A Bonds will be amortized over 35 years, ensuring a manageable debt service throughout the duration of the bond.
Utilization of Proceeds
Proceeds from these bonds will be allocated thoughtfully: part of the funds will support construction costs for the new Project, and some will refinance existing obligations of the Borrower. Additional funds will create a debt service reserve fund for the bonds, provide for capitalized interest for 27 months, and cover various issuance costs associated with the bonds.
Ziegler's Role in Senior Living Financing
Ziegler has established itself as a leader in financing for non-profit senior living providers, demonstrating its unique ability to address the challenges and needs of this community. The firm offers comprehensive services spanning investment banking, financial risk management, merger and acquisition advisement, and strategic planning, focusing explicitly on the senior living sector.
Commitment to Client Success
Understanding the intricacies of the healthcare and senior living markets, Ziegler is committed to delivering tailored financial solutions. With a thorough approach to financing and an understanding of each client’s unique needs, the firm aids communities like Josephine in thriving, ensuring they can continue to provide exceptional care in an evolving landscape.
Conclusion
In conclusion, the $77,115,000 financing marks a pivotal moment for Josephine Caring Community and showcases Ziegler's unwavering support for initiatives that enhance senior living. Through collaborative efforts, they are set to foster an environment that elevates care quality and enriches the lives of residents and their families.
Frequently Asked Questions
What is the purpose of the financing for Josephine Caring Community?
The financing will primarily support the construction of the Cascade Village Project, enhancing living options for residents.
What types of housing will the Cascade Village Project offer?
The project will feature independent living options, including one-, two-, and three-bedroom apartments, as well as two-bedroom villas.
How is Ziegler involved in the financing process?
Ziegler acts as a specialty investment bank, facilitating the bond issuance and ensuring that funds are allocated efficiently for the project's success.
What are the financial structures involved in this transaction?
The financing includes both short-term and long-term bonds, designed to support the repayment and management of debt over time.
How does this financing benefit the senior living community?
This financing helps Josephine Caring Community expand its services, ensuring that it can continue providing essential care and support to its residents.
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