Ziegler Closes $77 Million Friendship Village Of Tempe Financing

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Ziegler, a specialty investment bank, is pleased to announce the successful closing of a $77,030,000 fixed-rate issue for Friendship Village of Tempe (FVT). FVT is one of the premier CCRCs in the greater Phoenix market. Owned by a 501(c)(3) not-for-profit corporation, FVT was originally developed by Life Care Services (LCS); LCS continues to serve as manager.

The Village is one of many senior living providers in today’s market who are rethinking their dependence upon bank letters of credit in a still-unpredictable bank financing market. We believe a fixed-rate capital structure is the right move...

Ziegler, a specialty investment bank, is pleased to announce the successful closing of a $77,030,000 fixed-rate issue for Friendship Village of Tempe (FVT). FVT is one of the premier CCRCs in the greater Phoenix market. Owned by a 501(c)(3) not-for-profit corporation, FVT was originally developed by Life Care Services (LCS); LCS continues to serve as manager.

FVT is the largest life care CCRC in its market, with 572 independent living units comprised of both garden homes and residential apartments, 67 assisted living beds, and a state-of-the-art health care center encompassing 128 skilled nursing beds, 24 memory care rooms, and 14 hospice beds. Located in Tempe, Arizona, just miles from downtown Phoenix with easy access to the Phoenix Sky Harbor International Airport, FVT provides a full continuum of retirement living services on an expansive 46-acre campus. The community has been in operation since 1980 and has an excellent reputation in the local market.

The Series 2012 Bonds are being issued to 1) refinance the outstanding Series 1993B, 2002A, 2002B-1, 2002B-2, 2002C, 2004A, and 2004B Bonds, 2) fund a debt service reserve fund, and 3) fund various costs of issuance. The refunding of all outstanding bonds and maturity extension are part of an overall plan to eliminate the risk and uncertainty relating to variable rate debt, which comprised the majority of the refunded bonds (Series 2002C). The decision regarding capital structure follows a months-long bank replacement process which, despite bank interest, led management and the Board to determine it was in the long-term best interest of FVT to move forward with a 100% fixed-rate debt structure.

Ziegler is one of the nation’s leading underwriters of financing for not-for-profit senior living providers and offers 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. Mary Muñoz, Managing Director in Ziegler’s Senior Living practice, commented, “The Village is one of many senior living providers in today’s market who are rethinking their dependence upon bank letters of credit in a still-unpredictable bank financing market. We believe a fixed-rate capital structure is the right move at this time for the Village, allowing management to focus attention more exclusively on operations.”

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.

About Ziegler:

The Ziegler Companies, Inc. (PINKSHEETS: ZGCO) together with its affiliates (Ziegler) is a specialty investment bank with unique expertise in complex credit structures and advisory services. Nationally, Ziegler is ranked as one of the leading investment banking firms in its specialty sectors of healthcare, senior living, religion and education finance, as well as corporate finance and FHA/HUD. Headquartered in Chicago, IL with regional and branch offices throughout the U.S., Ziegler creates tailored financial solutions including bond financing, advisory, private placement, seed capital, M&A, risk and asset management. Ziegler serves institutional and individual investors through its wealth management and capital markets distribution channels.

Certain comments in this news release represent forward-looking statements made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995. This client’s experience may not be representative of the experience of other clients, nor is it indicative of future performance or success. The forward-looking statements are subject to a number of risks and uncertainties, in particular, the overall financial health of the securities industry, the strength of the healthcare sector of the U.S. economy and the municipal securities marketplace, the ability of the Company to underwrite and distribute securities, the market value of mutual fund portfolios and separate account portfolios advised by the Company, the volume of sales by its retail brokers, the outcome of pending litigation, and the ability to attract and retain qualified employees

This communication does not constitute an offer to buy these securities. The offering is made only by the Official Statement and through an appropriately registered representative. The Series 2011 Bonds may not be appropriate for all investors. Market value and/or accrued interest will fluctuate during the period held, and, if sold prior to maturity, the yield received may be more or less than the yield calculated at the time of purchase. Discounted yields herein are gross yields to maturity. Discounted bonds may be subject to capital gains tax, rates of which will vary, so investors should consult their own tax advisor with regard to their personal tax situation. Interest on municipal bonds may be exempt from federal income tax but may be subject to tax for residents of certain states. For bonds designated AMT, taxes may exist for certain investors. Ziegler will sell these bonds on a principal basis.

The corporation or its officers, directors, stockholders, or members of their families may at times have a position in the securities mentioned herein and may make purchases or sales of these securities. Not all call or put information is identified in the description above. Please be sure to discuss any special features with your Financial Advisor before deciding whether to invest in these securities.

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Christine McCarty
Ziegler
312 596 1617
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