Although a difficult decision for the Board of Vinecroft to make, they demonstrated a strong commitment to doing the best for their residents throughout this process. Ziegler was pleased to have been a partner in this strategic pursuit.
Chicago, IL (PRWEB) November 06, 2013
Ziegler, a specialty investment bank, is pleased to announce the successful closing of a sponsorship transition for Vinecroft Retirement Community (Vinecroft). Vinecroft, a Mennonite-affiliated organization is a Christian-based retirement community for seniors aged 62 and older located in Clarence Center, New York, a suburb of Buffalo. Vinecroft opened its doors to residents in 2002 and includes 62 independent living units comprised of 44 apartments and 18 duplex homes.
The sponsorship transition process was initiated by Vinecroft in early 2012 after an early identification of a potential financial concern that if occupancy were to continue to decline, they could be challenged to make their debt payment. This resulted in a heartfelt discussion with the Board and management of the benefits to the residents and the long-term survival of the mission of affiliating with another sponsor. Following an extensive process, Heritage Ministries was determined to be a very compatible fit for mission, culture and operational strength assuring the ministry of Vinecroft for their residents would continue strong into the future. Ziegler served as a strategic advisor to Vinecroft through the affiliation process with Heritage Ministries.
Heritage Ministries (Heritage) is a not-for-profit organization that manages and operates human service ministries in Chautauqua County, New York. Heritage was founded in 1886 and is headquartered in Gerry, NY. Heritage directly serves over 600 residents on a daily basis through the following human service ministries: Heritage Green Rehab & Skilled Nursing in Greenhurst, NY; Heritage Park Rehab & Skilled Nursing in Jamestown, NY; Heritage Village Rehab & Skilled Nursing in Gerry, NY; Heritage Village Retirement Community in Gerry, NY; and The Woodlands Senior Living Community in Town of Ellicott, NY.
“Although a difficult decision for the Board of Vinecroft to make, they demonstrated a strong commitment to doing the best for their residents throughout this process. Ziegler was pleased to have been a partner in this strategic pursuit,” states Rebecca Neth Townsend, senior vice president in Ziegler’s Investment Banking practice.
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 more information about Ziegler, please visit us at http://www.Ziegler.com.