We are very pleased to work with RHF, a long-standing Ziegler client, to help craft a financing plan that will place the Gateway in a stronger position now and over the long-term.
Chicago, IL (PRWEB) November 12, 2013
Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $13,345,000 Cal-Mortgage insured, fixed-rate Series 2013AB Bond issue for Poway RHF Housing, Inc. (the Corporation). Poway RHF Housing, Inc. is a California not-for-profit incorporated in 1991 to serve independent seniors who wish to reside in a retirement community.
The Corporation opened The Gateway, a 134-unit rental independent living facility in Poway, California, in 1998. In 2000, the Corporation began construction of Gateway Gardens, a 66-unit assisted living facility on an adjacent parcel of land. Gateway Gardens opened in 2002. The Gateway and Gateway Gardens are located in the north part of Poway near the Pomerado Hospital complex, which includes a skilled nursing facility. While there is no affiliation with the hospital, the Corporation has entered into a resident transfer agreement with the hospital that gives residents access to skilled nursing should the need arise.
The Series 2013 Bonds, rated ‘A’ by Standard and Poor’s and composed of $8,505,000 taxable Series 2013A and $4,840,000 tax-exempt Series 2013 B Bonds, are being issued to: 1) currently refund the Series 2000A and 2000B Bonds which have $8,455,000 and $5,190,000 outstanding, respectively; (2) establish a debt service reserve fund; and (3) pay cost of issuance for the Series 2013 Bonds and the refunding of the prior bonds.
“We are very pleased to work with RHF, a long-standing Ziegler client, to help craft a financing plan that will place the Gateway in a stronger position now and over the long-term,” commented Sarkis Garabedian, Senior Vice President in Ziegler’s Senior Living 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 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.