Chicago, IL (PRWEB) January 29, 2014
Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $103,185,000 unrated, fixed-rate Series 2014 Bond issue for Terraces of Boise. Boise Retirement Community d/b/a The Terraces of Boise (the Corporation) was incorporated in August 2005 as a California not-for-profit corporation qualified to do business in the State of Idaho.
The Corporation was formed for the purpose of developing, owning, and operating a not-for-profit senior care community known as The Terraces of Boise (the Community), which is expected to consist of 149 residential living apartments, 12 residential living duplex apartments, 40 residential-style assisted living apartments, 24 special care assisted living suites, and three, one-story cottage style buildings housing a total of 48 private skilled nursing rooms.
The sole member of the Corporation is Cornerstone Affiliates. Cornerstone was established to support the operations and activities of its tax-exempt affiliates and to develop and expand the retirement communities owned by its affiliates, including American Baptist Homes of the West (ABHOW).
Proceeds of the Series 2014 Bonds will be used to finance a portion of the costs of the project; refinance outstanding indebtedness of an affiliate of the Corporation incurred in connection with the acquisition of the land upon which the project will be located; pay a portion of the interest on the bonds during the construction of the project (approximately 22 months); fund debt service reserve funds; and pay certain costs relating to the issuance of the Series 2014 Bonds.
“We are very pleased to support Cornerstone’s growth into a new western region market, both as a seed capital investor and as bond underwriter. This community will be Boise’s first life care, entrance fee retirement lifestyle alternative, and we know the Boise community is very excited to welcome the Terraces,” commented Mary Muñoz, Managing Director is 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.
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.
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