Ziegler Completes $67.7 Million Financing for Fox Run
Ziegler, recognized as a leading specialty investment bank, has successfully closed a financing deal of $67,665,000 for Fox Run, a prominent Continuing Care Retirement Community (CCRC). This financial move, facilitated through The Dormitory Authority of the State of New York, is crucial for expanding and enhancing the Senior Living Finance Practice.
What is Fox Run?
Fox Run is operated by Orchard Park CCRC, Inc., a not-for-profit organization. This community caters to seniors aged 62 and older, offering a comprehensive Lifecare option. The campus spans 54 acres and is noted for its convenient location, just a short distance from significant local landmarks, which enhances its appeal. With a strong credit rating of 'BBB' and a Stable outlook from Fitch, Fox Run stands out in the competitive landscape of senior living facilities.
The Expansion Details
The funds raised from the Series 2025 tax-exempt revenue bonds will be directed towards an extensive expansion project at Fox Run. This includes the construction of 63 new independent living apartments and eight patio homes, along with renovations to existing common spaces. The new independent living apartments will feature three wings, strategically integrated into the current layout of the community, ultimately enhancing the living experience for all residents.
Creating More Space for Seniors
As part of this project, the construction will necessitate the removal of two existing independent living units, ensuring that residents continue to enjoy a high-quality environment. The new construction will cover approximately 82,500 square feet, significantly boosting the capacity and services available at Fox Run.
Understanding the Bonds Structure
The financing comprises both term and TEMPS bonds, structured to facilitate the long-term investment in the expansion project. These financial instruments, Term 2050 and Term 2055 among them, represent Ziegler's commitment to innovative financing solutions for the senior living sector.
Community Feedback on Ziegler's Support
Bill Wlodarcyk, President and CEO of Fox Run, expressed gratitude towards Ziegler, highlighting that they have been more than mere financial partners; they have played a crucial role in realizing the vision for Fox Run. Their expertise has proven invaluable, providing essential guidance throughout the financing process.
The Significance of Ziegler's Role
Keith Robertson, Managing Director in Ziegler's Senior Living Finance Practice, emphasized Fox Run's commitment to serving local seniors and expanding access to their facilities. His remarks underline the essential partnership between Ziegler and Fox Run, focusing on elevating the standards of senior living in the region.
About Ziegler
Ziegler is a distinguished investment banking firm specializing in healthcare and senior living financing. Their services range from capital raising to strategic advisory, making them a trusted entity among not-for-profit senior living providers. With roots in Chicago and several regional offices, Ziegler continues to lead the market with creative financial solutions catered to clients' specific needs.
Frequently Asked Questions
What is the purpose of the $67.7 million financing?
The financing is aimed at expanding Fox Run by constructing new independent living apartments and renovating existing spaces.
who operates Fox Run?
Fox Run is operated by Orchard Park CCRC, Inc., a not-for-profit corporation focused on senior living.
What is a CCRC?
A Continuing Care Retirement Community provides a continuum of care, including independent living, assisted living, and skilled nursing care.
How many units does Fox Run offer?
Fox Run features 180 independent living units, alongside various healthcare facilities supporting residents’ needs.
Who is Ziegler?
Ziegler is a national investment bank specializing in finance solutions for not-for-profit senior living organizations, offering various financial services.
