Ziegler Closes $162.86 Million Financing for The Moorings
Recently, Ziegler has made significant strides by closing a notable financing deal worth $162,860,000 for The Moorings of Arlington Heights. This financing was conducted through a series of bonds issued via the Illinois Finance Authority, marking another successful chapter for Ziegler in supporting senior living communities.
Details about The Moorings Community
The Moorings of Arlington Heights is a well-established Life Plan Community. Nestled on a spacious 45-acre campus, it offers a vibrant environment for its residents, providing a total of 264 independent living apartments and villas. Additionally, the community encompasses 73 assisted living apartments, 20 memory care units, and various healthcare options, ensuring comprehensive support for all residents.
Expansion Plans for The Moorings
In line with its commitment to enhancing services, The Moorings is undergoing a significant expansion project. This ambitious initiative involves the construction of a new five-story complex, spanning approximately 172,000 square feet. It will feature 70 new independent living apartments, complete with convenient underground parking and enhanced community spaces such as dining and wellness areas.
Support and Structure of Financing
This financing represents Ziegler's fourth collaboration with the organization managing The Moorings since 2016. The 2025 Bonds comprise four different tranches of debt, ensuring a diverse investment structure. Rated as 'BBB-' by Fitch Ratings, these bonds were well-received, attracting participation from 26 institutional and retail investors.
Utilization of Bond Proceeds
The funds generated from these bonds will serve multiple purposes. They will help in refinancing previous debt, support the construction costs for the new building, fund interest payments for 30 months, and cover various issuance expenses. This strategic financial planning is designed to ensure maximal benefits for The Moorings community.
Leadership Statements on the Financing
Nadim Abi-Antoun, the President and CEO, expressed enthusiasm about the partnership with Ziegler. He emphasized that this financing not only addresses current market demands but also positions The Moorings for future success by allowing for significant community enhancements.
Investment and Financial Performance
Will Carney, Managing Director of Ziegler's Senior Living Finance Practice, commented on the importance of this financing for The Moorings, stating that the improvements would solidify its competitive standing in the region. The project's strong pre-sales and experienced management team have been crucial in securing investment interest.
About Ziegler
Ziegler stands out as a leader in the financial sector, particularly recognized for its services tailored to not-for-profit senior living providers. The firm prides itself on offering innovative solutions that encompass capital raising, financial risk management, and strategic planning specifically designed for the senior living industry.
Explore Ziegler's Services
For individuals and organizations interested in Ziegler’s services, they offer a wide range of strategic and financial advisory services. Their extensive experience in healthcare, senior living, and education equips them to tackle complex financial challenges efficiently.
Frequently Asked Questions
What was the total amount financed for The Moorings?
Ziegler successfully closed a financing deal for a total of $162,860,000 for The Moorings.
What are the main features of The Moorings community?
The Moorings consists of independent living apartments, assisted living options, and skilled nursing facilities, catering to a diverse range of care needs.
What is the purpose of the bond funds secured?
The bond funds will finance construction, refinance existing loans, and cover interest and issuance costs.
Who is the key leadership figure at Presbyterian Living?
Nadim Abi-Antoun serves as the President and CEO of Presbyterian Living, overseeing significant initiatives like this financing.
What consulting firms were involved in the project?
Plante Moran Living Forward was the development consultant, while Perkins Eastman took on the role of the project architect.
