Ziegler completes bond issue, refinancing closings
Specialty investment bank Ziegler recently has announced several bond issue and refinancing closings.
- A $50.7 million tax-exempt, fixed-rate, Fitch “BBB-” (stable) Series 2015 Bond issue was closed for Querencia at Barton Creek, operated by Senior Quality Lifestyles Corp. in Austin, TX. On s 40-acre site, the community consists of 157 residential independent living units, 10 residential independent living villas, 40 assisted living units, 23 memory support units and 42 skilled nursing beds. The bond issue will enable the community to repair the façade of the building and start to update and expand common areas.
- A $6.4 million refinancing of Pledgerville Senior Citizens Villa, a Section 202 affordable housing property in Pacoima, a neighborhood in the northern San Fernando Valley region of Los Angeles, was closed by Ziegler Financing Corp., the FHA-insured mortgage lending arm of Ziegler. Pledgerville Senior Citizens Villa was conceptualized in the late 1970s and came to fruition with construction of the 94-unit affordable housing complex in 1983, with the first residents moving into the complex in 1984. The refinancing will reduce the annual debt service costs by 32%, lower the interest rate from 9.25% to less than 4%, refinance $3.5 million of debt, capitalize more than $1.5 million worth of planned repairs to upgrade and modernize the property, and provide for a meaningful developer's fee that can be used at the board's discretion.
- A $48.7 million non-rated, fixed-rate, Series 2015 Bond issue was closed for Kenton Housing, doing business as Rosedale Green. The corporation is embarking on a growth and redevelopment plan to expand one location and reposition its existing facility, both to be designed as household model settings for assisted living and skilled nursing. Rosedale will build a new 74-unit senior living facility in Elsmere, KY, called Rosedale Green – South, and it will have 20 personal care memory support beds and 54 skilled nursing beds.