Ziegler Closes $18 Million Terwilliger Plaza, Inc. Financing

Ziegler, a specialty investment bank, is pleased to announce the successful closing of an $18,245,000 fixed-rate, Series 2012 Bond issue for Terwilliger Plaza, Inc. (Terwilliger Plaza). Terwilliger Plaza is an Oregon not-for-profit corporation formed in 1958.

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Terwilliger Plaza is a beautiful urban property that supports lifelong learning and active aging. Governed by a predominantly resident Board, with residents serving as members of the not-for-profit, this community is uniquely attractive to seniors...

Chicago, IL (PRWEB) October 31, 2012

Ziegler, a specialty investment bank, is pleased to announce the successful closing of an $18,245,000 fixed-rate, Series 2012 Bond issue for Terwilliger Plaza, Inc. (Terwilliger Plaza). Terwilliger Plaza is an Oregon not-for-profit corporation formed in 1958.

Located on 4.6 acres just south of downtown Portland, the community was originally constructed in 1962 and offers 247 independent living apartments, 44 assisted living apartments, and 21 residential care beds under a “Type B” continuing care contract. The campus consists of a 12-story apartment building (The Tower) with an attached 4-story assisted living building (The Terrace) and a multi-level parking garage, plus a separate 10-story apartment building (The Heights). The 21-bed Metcalf Residential Care Facility is located in The Tower. Common areas include a public restaurant, grocery store, rooftop gardens and patio, view lounges, a library, craft and hobby areas, a chapel, an auditorium, and other typical amenities.

Prior to the closing of the Series 2012 transaction, Terwilliger Plaza had two outstanding bond issues: its Series 1999 and Series 2006 Bonds. Proceeds from the Series 2012 financing were used to refinance Terwilliger Plaza’s $20,900,000 outstanding Series 1999 Bonds, establish a debt service reserve fund, and pay certain costs of issuance. This was strictly a refinancing transaction to generate cash flow savings; no new capital was issued. The $17,370,000 Series 2006 Bonds will remain outstanding. In anticipation of the issuance of the Series 2012 Bonds, Fitch Ratings assigned a “BBB” rating to the Terwilliger Plaza bonds. The rating carries a stable outlook.

Mary Muñoz, Managing Director in Ziegler’s Senior Living practice, commented, “Terwilliger Plaza is a beautiful urban property that supports lifelong learning and active aging. Governed by a predominantly resident Board, with residents serving as members of the not-for-profit, this community is uniquely attractive to seniors. The Fitch credit rating is an admirable accomplishment for this well-managed community, whose residents will benefit directly from the realized refinancing savings.” Ziegler is one of the nation’s leading underwriters of financing for not-for-profit senior living providers. Ziegler offers creative, tailored solutions to its senior living clientele, including investment banking, financial risk management, merger and acquisition services, investment management, seed capital, FHA/HUD, capital and strategic planning as well as senior living research, education, and communication.

For further information on the structure and use of this issue, please see the Official Statement located on the Electronic Municipal Market Access system's Document Archive.

For more information about Ziegler, please visit us at http://www.Ziegler.com.


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