Chicago, IL (PRWEB) May 30, 2014
Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $3,119,900 refinancing of Corvallis Caring Place (CCP), managed by Mennonite Management Services, Inc., the management company affiliated with Mennonite Services Northwest. CCP opened in 2002 as a 42-unit, not-for-profit assisted living residence located in Corvallis, Oregon, the heart of Willamette Valley.
CCP had approximately $2.5 million in outstanding bank debt that had a balloon payment coming due in March 2015. Ziegler Senior Living Finance along with Ziegler Financing Corporation (ZFC), the FHA-insured mortgage lending arm of Ziegler, recommended refinancing the current debt with the FHA Section 232/223(f) program to allow CCP to lower its debt service and eliminate bank-related financing risks by locking in a 35-year long-term, low interest rate.
Dan Hermann, Senior Managing Director and Head of Investment Banking and the Senior Living Practice at Ziegler, stated, “Ziegler is a full-service investment bank offering a broad array of services for our national not-for-profit client base. As part of these services, we have a very active FHA practice led by Bill Mulligan, assisting our not-for-profit senior living clients who have eligible FHA projects and affordable housing. We are pleased that through our cross-practice efforts, the FHA team investigated the opportunity and successfully executed.”
Ziegler’s extensive knowledge and experience in not-for-profit financing alternatives created value for the borrower by recapitalizing the facility approximately 12 years after construction and provided a solid foundation for future growth and success. In addition, the financing capitalized a planned repair program for approximately $240,000 to rehabilitate various aspects of the building including a new roof, updating the common areas, refurnishing dining room furniture, and making other miscellaneous repairs, as well as lowering the annual debt service costs.
“This refinancing represents a significant step in ZFC’s utilization of the HUD 232 LEAN program to aid not-for-profit borrowers in taking advantage of the low, fixed interest rates available in today’s market,” stated Bill Mulligan, President of ZFC. “We were very pleased to work with Mennonite Management Services and the Board to complete this transaction.”
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 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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