Ziegler Announces $107,525,000 Financing Closure
In a commendable achievement, Ziegler, a distinguished specialty investment bank, has successfully finalized a remarkable financing deal amounting to $107,525,000 for Friendship Village of Tempe. This landmark funding comes through the Industrial Development Authority and is earmarked for significant developments within the retirement community.
About Friendship Village of Tempe
Friendship Village of Tempe, known as FVT, is a nonprofit entity dedicated to providing exceptional retirement living. This vibrant community features a 536-unit retirement center, skilled nursing facilities, assisted living options, memory care beds, and a hospice unit. Such a comprehensive setup ensures residents receive the best in comfort and care.
Phase Three Development Plans
The financing will primarily support Phase Three of the campus's expansion plans, introducing the Ironwood building. This modern structure will encompass 69 entrance fee apartments across five floors, promising a fresh and appealing living environment. It will also include amenities like a salon, an assistance in living clinic, exercise rooms, and a new sports bar restaurant, all designed to improve residents’ quality of life.
Ziegler's Relationship with Friendship Village
This latest financing represents Ziegler's tenth transaction with Friendship Village of Tempe since 1980, amounting to an impressive total of $514,410,000 in par amount over the years. This long-standing partnership highlights Ziegler’s commitment to supporting quality senior living.
Tax Benefits of the Bonds
The bonds issued are set to provide significant financial benefits, being exempt from both Federal and state income tax, thereby offering a sound investment option. The structured financing strategy will ensure level annual debt service, making financial management smoother for the community.
Community Impact
The enhancements not only come as a response to current market demands but also aim to bolster the functionality and appeal of Friendship Village. As highlighted by Cole Marvin, the Executive Director, this latest investment is crucial for meeting the evolving needs and expectations of residents. It underscores Ziegler's dedicated role in facilitating successful financings to enhance senior living.
Expert Opinions on the Project
Daren Bell, Managing Director at Ziegler, emphasizes the importance of this project in promoting high-quality, person-centered senior living. The new facilities will serve as a vital step towards modernizing and enhancing the living experience at Friendship Village.
About Ziegler
As a leader in the financing of not-for-profit senior living providers, Ziegler offers tailored financial solutions and advisory services. With expertise that spans various sectors including healthcare and education, Ziegler remains at the forefront of innovative financial practices.
For individuals or organizations interested in discovering more about Ziegler's offerings, their website provides further insights into their range of services and specialization in senior living financing.
Frequently Asked Questions
What is the total financing amount secured by Ziegler?
Ziegler successfully secured a financing amount of $107,525,000 for Friendship Village of Tempe.
What are the main components of Friendship Village of Tempe?
Friendship Village includes a retirement center, skilled nursing, assisted living, memory care, and hospice services.
What is the purpose of the new Ironwood building?
The Ironwood building will provide modern living spaces and enhanced amenities for residents, responding to market demand.
How long has Ziegler worked with Friendship Village?
Ziegler has been associated with Friendship Village of Tempe since 1980, marking a long-term partnership.
What advantages do the bonds offer?
The bonds are tax-exempt, providing significant financial benefits to investors and supporting the community's long-term financial health.
