Chicago, IL (PRWEB) September 06, 2012
Ziegler, a specialty investment bank, is pleased to announce the successful closing of The Barrington of Carmel $119,020,000 Series 2012 Bond issue for Senior Quality Lifestyles Corporation and The Mayflower Communities, Inc. The Barrington of Carmel (Barrington) is a senior living community located in Carmel, Indiana to be developed, owned, and operated by Mayflower Communities, Inc. (Mayflower), a Delaware not-for-profit corporation established in November 2007. In August 2012, Carmel, Indiana was ranked No. 1 in the Top 25 Best Places to Live by CNN Money.
The Barrington consists of a 134 independent living apartments, seven catered living apartments, 56 residential style assisted living apartments, 26 memory support assisted living suites, and 48 skilled nursing beds. Each level of care has its own common and support areas. Senior Quality Lifestyles Corporation (SQLC) is the sole member of the Mayflower, and Greystone Communities has been engaged as the development consultant on the project.
Proceeds of the tax-exempt Series 2012 Bonds will be used to (i) pay for certain costs of acquiring, constructing, developing, and equipping the Barrington, (ii) fund a debt service reserve fund, (iii) pay interest for a period of approximately 20 months, and (iv) pay certain costs relating to the issuance of the Series 2012 Bonds.
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. Rich Scanlon, Managing Director in Ziegler’s Senior Living practice, commented, “This is the sixth new campus that Ziegler has financed for SQLC, the youngest and one of the fastest growing members of the LeadingAge Ziegler 100, an organization respected by the investor community for its execution of the development plan and quality of communities operated. The high level of experience and commitment that SQLC and Mayflower will bring to the Barrington, the affiliation with St. Vincent’s Health, Inc., and its location in a very vibrant Carmel market area make this an exciting project that will provide seniors with a whole new set of retirement living options.”
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.