Chicago, IL (PRWEB) December 03, 2013
Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $29,970,000, Cal-Mortgage insured, tax-exempt, fixed-rate Series 2013 Bonds for The Redwoods, a Community of Seniors (The Redwoods). The Bonds are rated “A” by Standard and Poor’s.
The Redwoods operates a multi-level retirement community that consists of 149 independent living units, 134 assisted living units and a 58-bed licensed skilled nursing facility located in the City of Mill Valley, Marin County, California.
Incorporated in 1970, The Redwoods has been a part of the Mill Valley community for over 40 years. Since that time, a key element of The Redwood’s mission has been to provide affordable housing to seniors. The Redwoods began planning for the Revitalization Project in 2006 to respond to the challenges of an aging physical plant, and to expand affordable housing options for the Bay Area’s growing population of senior citizens. The revitalization plan focuses on updating the 40-year old community’s infrastructure. Modernization includes, among other improvements, renovation of apartments, the addition of a wellness center, a café, and a new entrance.
The Series 2013 Bonds are being issued to: 1) currently refund the Series 1997 Bonds ($2,965,000 outstanding); (2) establish a debt service reserve fund; (3) fund a small portion of interest; and (4) pay costs of issuance for the Series 2013 Bonds and the refunding of the prior bonds.
“Ziegler is honored to participate in the revitalization of the Redwoods campus! The Board and management invested significant time over the past eight years to craft the right redevelopment plan that balances The Redwoods’ commitment to affordability, while also creating a more beautiful and appealing setting for residents, with nicely upgraded living spaces. This project really positions The Redwoods for the future,” commented Mary Muñoz, Managing Director 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.