Chicago, IL (PRWEB) November 13, 2012
Ziegler, a specialty investment banking firm, is pleased to announce the successful closing of the $5,115,000 Series 2012 Bond financing for Lake Sawyer Christian Church.
Lake Sawyer Christian Church, located in Black Diamond, Washington, was founded in 1958 with six families as a church plant of West Seattle Church of Christ in Seattle, Washington. Currently, the church has grown to an attendance of approximately 775. In preparation for expansion of its facilities, the church acquired its current 20-acre site in 2000 and began leasing space for Sunday morning services in an area high school. The church completed construction of its multipurpose facility in December 2005. Construction costs were paid from sale proceeds of the previous building, proceeds from a loan by a denominational lender, and funds generated from a capital campaign.
In November 2010, Ziegler underwrote a $5,325,000 bond issue for the church. The net proceeds from the sale of the 2010 Bonds refinanced then outstanding debt that was incurred to construct the existing facilities on the church site. Proceeds of the 2012 Bonds were used to refinance the 2010 Bonds which saved the church approximately $50,000 annually.
Steve Hron, Senior Vice President in Ziegler's Religion Finance practice, commented, "Lake Sawyer Christian Church has been a client since 2010. We were pleased to be able to refinance their 2010 Bonds in this historically low interest rate environment. The refinancing provides a lower, fixed interest rate and will save them a significant amount of annual interest expense which they can redirect into their ministry."
Since our first financing in 1913, Ziegler has become a recognized leader in providing creative, tailored solutions to religious and educational institutions. Focusing on multidenominational places of worship, churches, and K-12 private schools, Ziegler offers long-term, fixed-rate financing, tax-exempt financing and short-term, variable rate financing.
For more information about Ziegler Religion Finance, please visit us at http://www.Ziegler.com/Religion