Chicago, IL (PRWEB) March 13, 2014
Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $68,950,000 tax-exempt, fixed-rate bonds (the Series 2014 Bonds) for East Ridge Retirement Village (the Obligor). The Obligor is a Florida not-for-profit corporation that owns and operates a lifecare, entrance-fee based continuing care retirement community (CCRC) on a 76-acre campus in the town of Cutler Bay, Florida, south of Miami, known as East Ridge at Cutler Bay (the Community). The Community was constructed in 1965 and currently consists of 221 independent living units (ILUs), 57 assisted-living units (ALUs), and 60 skilled nursing beds.
In 2008, the Obligor became controlled by SantaFe Senior Living, Inc. (SFSL), a not-for-profit corporation based in Gainesville, Florida. SFSL is an affiliate of SantaFe Healthcare, Inc. (SFHC), also a not-for-profit corporation based in Gainesville. SFSL owns and operates three CCRC’s in Florida. In addition to the Obligor, SFSL owns North Florida Retirement Village, Inc. d/b/a The Village in Gainesville and Bonita Springs Retirement Village, Inc. d/b/a The Terraces at Bonita Springs in Bonita Springs.
The Obligor initiated planning activities in 2007 to define a plan for the repositioning of the Community consisting of two phases. The first phase consists of the construction and equipping of 90 new assisted living units, 31 new memory support units, and 74 new skilled nursing beds to replace the existing assisted living and skilled nursing units (the Project). Greystone serves as development consultant for the project. The Project will be constructed on approximately 20 acres on the campus where 27 vacant ILUs are currently located.
Proceeds of the Series 2014 Bonds will be used to fund the Project, reimburse the Obligor for prior capital expenditures, reimburse SFSL for predevelopment related expenses, provide 25 months of capitalized interest, establish a debt service reserve fund and pay the costs of issuance. Fitch Ratings has assigned a rating of “BB Stable” to the Series 2014 Bonds.
“Ziegler assisted with the affiliation of the Obligor and SFSL in 2008 and recognized the potential of the Community with a “hands on” owner such as SFSL. A very attractive 76-acre campus only 20 miles south of downtown Miami serves SFSL’s focused growth needs exceptionally well. The ability to reposition the aging heath care assets of the Community will provide a level of service and value never before seen in the Miami-Dade County market,” stated Rich Scanlon, 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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