Ziegler Secures $70 Million for Transformative Village Project
Successful Financing for Greenwood Village South
Ziegler, a respected investment bank, recently announced the completion of a significant financing transaction for Greenwood Village South, closing a total of $70,850,000. This funding includes various bond series that will enable the expansion and modernization of the senior living community's facilities.
Understanding the Bond Series
Bonds Overview
The financing package comprises several distinct elements. It features the $27,850,000 Series 2025A Bonds, the $7,400,000 Series C-1 Bonds, and the $10,600,000 Series C-2 Bonds funded through the Indiana Finance Authority. These bonds facilitate crucial financial support for enhancing senior living options.
Total Financing Breakdown
In addition to the aforementioned bonds, the financing arrangement also includes $25,000,000 of Series 2025B Bank Direct Placement Bonds, which were issued concurrently. Together, these constitute a robust financial strategy for Greenwood Village South, aiming to boost its offerings in the senior living sector.
Expanding Facilities for the Future
Greenwood Village South, operated by Westminster Village Greenwood, Inc., is dedicated to improving its community services. With this funding, they aim to expand their campus, aligning with modern trends in senior living. This includes the creation of new independent living housing as part of the Village Flats Project, which promises to set a benchmark for innovative senior living.
Project Vision and Features
Innovative Living Spaces
As part of the Village Flats Project, the development plan outlines the construction of 42 new independent living hybrid homes. These homes are designed to merge the comforts of a residential cottage with the community advantages of apartment living, catering to the diverse needs of seniors.
Proposed Amenities and Community Features
The plans also encompass constructing a new commons building that will serve as the focal point for activities, complete with multipurpose rooms, a salon, library, wellness center, and even an indoor pool. The outdoor space will include courts for pickleball and bocce ball, enhancing community interaction.
Strategic Timing and Market Considerations
Cognizant of market conditions, Ziegler's team efficiently navigated the financing process to ensure closing before the year’s end. This strategic timing was essential to leverage favorable municipal bond market conditions, optimizing the financial framework for Greenwood Village South.
Achievements and Credit Ratings
Through adept negotiations, Ziegler achieved an attractive credit arrangement with a leading bank lender. This smart collaboration allowed for a streamlined process that bypassed the typical lengthy proposal requests. The financing also benefited from a commendable "BBB-" credit rating from Fitch Ratings, marking an impressive milestone for Greenwood Village South.
Financial Implications
Securing this rating permitted the Series 2025 bonds to be financed without a Debt Service Reserve Fund, a move that reduced overall financing costs significantly. These financial advantages empower Greenwood Village South to invest further into enhancing the living conditions for its residents.
Leadership and Town Hall Collaboration
Leadership at Greenwood Village South, including Executive Director Jordan Morrow, emphasized the project's transformative nature. The Village Flats Project is projected to deliver fresh living solutions and enhance community life for current and future residents.
Commitment to Community
Morrow expressed gratitude for Ziegler's expert advisory services, which were instrumental in navigating the complex financing process. This collaborative effort embodies the core mission at Greenwood Village South, ensuring that they maintain their legacy of excellence in senior living.
Ziegler's Role in Senior Living Financing
As a leading underwriter in not-for-profit senior living finance, Ziegler continues to offer tailored solutions that address the unique challenges of this sector. Their expertise spans investment banking, capital planning, and strategic advisory services, making them a vital player in fostering innovation and growth in senior living.
Frequently Asked Questions
What is the total amount closed in the financing?
The total financing closed by Ziegler for Greenwood Village South is $70,850,000.
What will the financing be used for?
The funds will be utilized for the expansion of independent living facilities and to enhance the overall community amenities.
Who developed the Village Flats Project?
The Village Flats Project is managed by Life Care Services (LCS) and LCS Development (LCSD).
What amenities will be included in the new project?
The new project will feature independent living homes, multipurpose areas, wellness centers, and recreational facilities.
What credit rating did Ziegler secure for the bonds?
The Series 2025A and 2025C Bonds received a "BBB-" rating with a stable outlook from Fitch Ratings.
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