Ziegler closes on $26 million financing for Christian Care Centers
Specialty investment bank Ziegler recently closed on $26.2 million tax-exempt, fixed-rate, Series 2016 bonds for Christian Care Centers, a long-standing client. Proceeds from the bonds will be used to currently refund outstanding Series 2005 bonds.
“The diligent efforts of both our staff and the Ziegler team, coupled with a very good market, made the project work in our favor,” Phil Elmore, president and CEO of Christian Care Centers, said in a statement.
The company, a Texas not-for-profit organization formed in 1947, is associated with the Church of Christ through affiliations with individual congregations throughout Texas and adjoining states.
Christian Care Centers operates two retirement communities. Christian Care Senior Living Community–Mesquite in Mesquite is located on about 47 acres and includes 80 entrance fee independent living apartments, 149 rental independent living apartments, 105 assisted living units and 175 nursing beds. The Lakewood Village Senior Living Community in Fort Worth is located on about 50 acres and includes 156 rental independent living apartments, 34 assisted living units and 48 nursing beds.
The company expects to open a new rental community, Christian Care Senior Living Community–Allen, in May. The campus will be located on five acres and will include 22 independent living units and 32 assisted living units, including 36 memory support units.
“Ziegler has enjoyed its role as a strategic partner to Christian Care since the early 1990s,” Rich Scanlon, managing director in Ziegler's Senior Living Finance practice, said in a statement. “We were fortunate that a low point in the interest rate cycle coincided with the first call date on CCC's Series 2005 bonds, which had previously been advance refunded. The working group worked efficiently to complete a current refunding of the Series 2005 bonds, which will generate annual debt service savings of over $300,000 through 2035.”