Episcopal Senior Communities is a leading multi-site senior living system in northern California, with an outstanding management team and excellent performance track record. Investor appetite for this credit was extremely strong, due to strong market...
Chicago, IL (PRWEB) December 21, 2012
Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $127,480,000 fixed-rate, Series 2012 Bond issue for Episcopal Senior Communities (ESC). ESC is a California not-for-profit public benefit corporation providing housing, related facilities, and services for elderly.
Episcopal Homes Foundation, now ESC, was founded with the intention of expanding the work of caring for the elderly as an institution of the Episcopal Diocese of California. ESC opened its first retirement community, Canterbury Woods in Pacific Grove in November 1965. ESC’s sole corporate member and parent corporation is JTM Communities, which is also a California not-for-profit public benefit corporation. Today, ESC’s obligated group is comprised of five continuing care retirement communities in Northern California. ESC and its affiliates, including JTM, also sponsor several affordable housing communities, a skilled nursing facility, and a CCRC in Palo Alto, California that is outside the obligated group. ESC’s obligated group is rated BBB by Standard & Poor’s and BBB+ by FitchRatings.
The five CCRCs operated by ESC include 989 independent living apartments, 90 assisted living apartments, seven memory support apartments, and 231 healthcare center beds. All five communities are located in desirable communities within Northern California; they include Canterbury Woods (located in Pacific Grove on the Monterey peninsula), St. Paul’s Towers (an urban high-rise community near Lake Merritt and downtown Oakland), Los Gatos Meadows (located within walking distance of old town Los Gatos), Spring Lake Village (located in the town of Santa Rosa in Sonoma County’s Valley of the Moon), and San Francisco Towers (located in the heart of San Francisco).
The Series 2012 Bonds are being issued to (i) refund prior Series 2000 VRDBs; (ii) finance the expansion and renovation of Spring Lake Village; (iii) fund various debt service reserve funds; (iv) fund a portion of interest on the new money-related bonds; and (v) pay certain costs of issuance. The Series 2012 Bonds are all rated fixed-rate bonds, and include three series of TEMPS to be redeemed with entrance fees, and two series of longer-term fixed-rate bonds.
Mary Muñoz, Managing Director in Ziegler’s Senior Living practice, stated, “Episcopal Senior Communities is a leading multi-site senior living system in northern California, with an outstanding management team and excellent performance track record. Investor appetite for this credit was extremely strong, due to strong market fundamentals as well as ESC’s good disclosure practices, attractive locations, and solid credit ratings.”
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.