Ziegler is honored to have contributed to this important achievement by Plymouth Place. Management and the Board worked diligently over many years to see this significant project though to success.
Chicago, IL (PRWEB) June 06, 2013
Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $24,765,000 tax-exempt, fixed-rate Plymouth Place Series 2013 bond issue. Plymouth Place is located on 18.6 acres in LaGrange Park, a suburban neighborhood approximately 15 miles southwest of downtown Chicago.
Plymouth Place was incorporated as an Illinois not-for-profit corporation in 1939 and was established by members of the United Church of Christ for the purpose of providing senior housing and related services to seniors in the LaGrange Park, Illinois area. The Corporation’s continuing mission is to provide a retirement community, based on Christian values, that honors the individual’s right to experience life to the fullest.
Under the leadership of Dale Lilburn, CEO, Plymouth Place currently consists of 182 independent living apartments, 23 independent living cottages, 52 assisted living apartments, 26 memory support (dementia) assisted living apartments, and 86 skilled nursing beds. Greystone Communities of Dallas, TX provides key marketing services to Plymouth Place. Providence Management of Tinley Park, IL provides management and consulting services.
Steve Johnson, Managing Director in Ziegler’s Senior Living practice, commented, “Ziegler is honored to have contributed to this important achievement by Plymouth Place. Management and the Board worked diligently over many years to see this significant project though to success. Their beautiful new building on LaGrange Road is now over 90% occupied . . . a tribute to more than 70 years of providing the highest quality, not-for-profit service to seniors and their families. We look forward to continuing our relationship with all our friends at Plymouth Place for many years to come.”
Proceeds from the sale of the Series 2013 Bonds, together with certain other funds, will be used to refinance the outstanding Series 2005B and Series 2005C Bonds, all of which were Variable Rate Demand Bonds with credit enhancement through Letters of Credit. The Series 2013 Bonds consist of one fixed-rate, tax-exempt term bond. Principal on the Series 2013 Bonds will be amortized during 2038-2043, after the final maturity of Plymouth Place’s only other debt, the fixed-rate Series 2005A bonds. Proceeds of the Series 2005 Bonds were used to construct the main building on the Plymouth Place campus, and to demolish the prior main building. Plymouth Place is nearing the end of the fill-up phase for the new building. While assisted living and nursing units are essentially full, the new independent living units are currently 86% occupied and 88% sold (as of April 26, 2013).
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.