Ziegler Closes $190 Million Financing for The Arlington of Naples
Chicago, IL (PRWEB) January 15, 2014 -- Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $190,295,000 unrated, tax-exempt fixed-rate Series 2013 Bond issue for The Arlington of Naples. The Arlington of Naples was incorporated in 2008 for the purpose of developing, owning, and operating a not-for-profit Type B continuing care retirement community (CCRC) on 39 acres in the master-planned Lely Resort in Naples, Florida. The Lely Resort is a 3,000-acre luxury real estate community with eight unique neighborhoods, three championship golf courses, and myriad other amenities.
The Arlington of Naples is being introduced by Lutheran Life Communities, ranked #54 on the 2013 LeadingAge Ziegler 100, an annual publication ranking the largest senior living providers by number of units, with five existing communities comprised of 1,256 units across Illinois and Indiana. Lutheran Life Communities traces its inception to the 1890s with The Lutheran Home in Arlington Heights, Illinois.
The vision for The Arlington of Naples began in 2007 when local faith community members, familiar with the Lutheran Home in suburban Chicago, invited Lutheran Life Communities to southwest Florida. There was no faith-based CCRC in Naples or Marco Island, and Collier County had not seen a new CCRC in almost 30 years. It was recognized that area congregation members were often leaving the region they loved in search of a faith-based CCRC elsewhere.
The Arlington of Naples will offer the full continuum of care on its campus, with 132 independent living apartments, 31 independent living villas, 42 assisted living units, 37 memory support units, and 44 skilled nursing beds. The gross square footage of the Community is anticipated to approximate 582,000 square feet, including the common areas and structured parking. The Arlington of Naples is currently preselling its entrance fee-based independent living units, and was 82.8% presold at the time of bond pricing.
The Series 2013 Bonds issue is comprised of Series A Bonds ($128,295,000) which mature in 2049 and comprise the “permanent debt” of the community; average yield-to-maturity on the Series A bonds is 8.2175%. The Series B Bonds are comprised of $50,000,000 2013B-2 TEMPS-70SM and $12,000,000 2013B-1 TEMPS-85SM, expected to be redeemed at 70.0% and 81.8% occupancy of the entrance fee-based independent living units, respectively. Due to the regulatory environment in Florida, 2013B-2 Bonds may only be redeemed upon receipt of 70% of the entrance fee pool. Average yield to maturity on all Series 2013 Bonds is 8.035%.
“Ziegler is grateful to have had the opportunity to serve our friends at Lutheran Life Communities once again. From our first financing for the Lutheran Home in 1953 to this most recent transaction for The Arlington of Naples, Ziegler has been pleased to be a partner in their organizational growth for more than sixty years. Each of us at Ziegler is honored to share in their mission of empowering vibrant, grace-filled living across all generations. We look forward to the opening of The Arlington of Naples in 2015,” commented Steve Johnson, 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.
About Ziegler:
Since 1902, Ziegler has grown to become a full-service, specialty investment bank and broker-dealer. Ziegler provides its clients with capital raising, strategic advisory services, equity and fixed income sales & trading, wealth management, and research. Specializing in the healthcare, senior living, education, and religion sectors, Ziegler is committed to advancing the health, wealth and well-being of our clients.
Certain comments in this news release represent forward-looking statements made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995. This client’s experience may not be representative of the experience of other clients, nor is it indicative of future performance or success.
# # #
Leslie Dunham, Ziegler, http://www.ziegler.com, +1 (312) 596-1646, [email protected]
Share this article