Ziegler Completes Major Financing for Frasier
Frasier Meadows Manor, Inc. has successfully secured $44,140,000 in Series 2025A Bonds through Ziegler, a renowned specialty investment bank. These bonds were facilitated by the Colorado Health Facilities Authority, marking a significant step in Frasier's ongoing development and mission to enhance senior living services.
About Frasier Meadows Manor
Founded in 1956, Frasier is a not-for-profit organization that has been a cornerstone in the Boulder community. As the only life plan community in the area, Frasier offers a comprehensive range of residential options for seniors, including 303 Independent Living Apartments, 19 Assisted Living Apartments, and 19 Memory Care Apartments. Their Skilled Nursing Facility, which boasts a prestigious 5-star rating from CMS, ensures that residents receive high-quality care.
Robust Growth and Expansion Plans
Frasier is experiencing significant demand for its services, reflected in a waiting list of 742 households. Despite challenges posed by the pandemic, Frasier's recent expansion, known as The Prairies, successfully reached stabilized occupancy in less than six months after opening 98 independent living apartments. Looking forward, Frasier is in the early stages of planning another development, Mesa Ridge, which aims to introduce an additional 95 independent living apartments.
Financing Details and Benefits
This transaction represents Frasier's seventh partnership with Ziegler since the 1950s. The 2025A Bonds are rated "BBB-" by Fitch Ratings and encompass a flexible mix of serial and term bonds, designed to ensure stable annual debt service payments over the next 23 years. These funds will primarily be used to refinance existing obligations and cover issuance costs, optimizing Frasier's financial strategy without necessitating a debt service reserve fund.
Leadership Perspectives
Christie Hinrichs, the Chief Executive Officer of Frasier, emphasized the importance of this financing, stating that the collaboration with Ziegler was pivotal for the organization. She noted the expert guidance and strategic advice provided by Ziegler, which empowered Frasier to navigate a complex financial landscape while enhancing its long-term financial stability.
Matt Mulé, Senior Vice President at Ziegler, echoed these sentiments, expressing pride in supporting Frasier's innovative approach to senior living. He highlighted the organization's dedication to resident-centered care, which continues to raise the bar within the senior living industry.
About Ziegler
Ziegler stands as a leading firm in financing not-for-profit senior living providers across the nation. With a firm commitment to tailored financial solutions, Ziegler offers an array of services that include investment banking, financial risk management, and strategic advisory services. Their expertise enhances the capabilities of senior living entities, enabling them to thrive in a competitive landscape.
To explore more about Ziegler and its services, interested parties can visit their official website.
Frequently Asked Questions
1. What is the significance of the $44 million financing?
This financing enables Frasier to expand its offerings and improve financial flexibility, ensuring they can meet community demands.
2. How does Frasier support its residents?
Frasier provides a continuum of care, ensuring that residents have access to essential health and living services as they age.
3. What are the bonds structured for?
The Series 2025A Bonds are structured to refinance existing obligations and support Frasier's future developments.
4. Who are Ziegler?
Ziegler is a national investment bank specializing in providing financial services to not-for-profit senior living organizations.
5. How does Frasier plan to expand in the future?
Frasier is planning its next expansion project, which will introduce additional independent living apartments to meet growing demand.
