Chicago, IL (PRWEB) August 09, 2012
Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $29,210,000 Series 2012 financing for The Blakeford at Green Hills (Blakeford) located in the Green Hills section of Nashville, Tennessee. The Blakeford is an entrance-fee based community that consists of 124 independent living apartments, 60 assisted living units, and 83 intermediate care and skilled nursing beds. The community is owned and operated by Blakeford at Green Hills Corporation, a Tennessee not-for-profit organization incorporated in 1992.
Proceeds of the Series 2012 Bonds will be used to (i) refund, on a current basis, the outstanding Series 1998 Bonds, (ii) redeem an outstanding bank loan with Bank of America, (iii) provide approximately $2 million for general campus improvements, (iv) fund a debt service reserve fund; and (v) pay the costs of issuance. The $29,210,000 Series 2012 Bonds are rated BBB (stable) by FitchRatings.
Rich Scanlon, Managing Director in Ziegler’s Senior Living practice, commented, “Ziegler has had a long-standing relationship with Blakeford going back to the mid-1990’s. We have watched with great interest as this community has matured and navigated the turbulent waters of the past few years and with the commitment of a strong management and Board is now one of approximately 86 CCRC’s in the country with a “BBB” rating.” As one of the nation’s leading underwriters of financing for not-for-profit senior living providers, Ziegler 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.
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.