After the closure of their original facility in Gunter Texas, CCC began examining growth opportunities in the metropolitan Dallas-Fort Worth market place. A Church of Christ in Allen, TX had land upon which they wanted to see a senior living community...
Chicago, IL (PRWEB) September 30, 2014
Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $30,770,000 tax-exempt, fixed-rate Christian Care Centers, Inc. Series 2014 Bonds. Christian Care Centers, Inc. (CCC), a Ziegler client since 1990, is a Texas not-for-profit organization formed in 1947.
Since its inception, the CCC has been associated with the Church of Christ through affiliations with individual Church of Christ congregations throughout Texas and adjoining states. CCC ranked 88th on the 2013 LeadingAge Ziegler 100, a ranking of the largest not for profit multi-site senior living organizations.
CCC currently operates two retirement communities (i) Christian Care Center in Mesquite (the Mesquite Campus) and (ii) Lakewood Village Retirement Community in Fort Worth (the Fort Worth Campus). The Mesquite Campus is located on approximately 24 acres and includes 80 entrance fee independent living apartments; 149 rental independent living apartments; 105 assisted living units; and 175 nursing beds including 32 memory support care nursing beds. The Fort Worth Campus is located on approximately 50 acres and includes 157 independent living apartments; 34 assisted living units; and 48 nursing beds.
The Series 2014 Bonds, the sixth financing with Ziegler, will be used to provide amounts to (i) fund the construction and development of the Allen Community; (ii) refund the outstanding Series 2000B and Series 2000C Bonds; (iii) fund a debt service reserve fund; (iv) fund interest on a portion of the bonds for 18 months; and pay a portion of the cost of issuing the bonds.
The Allen Community is to be located on approximately 5 acres adjacent to, and donated by, the Greenville Oaks Church of Christ and is planned to consist of 22 rental independent living cottages contained in 11 duplex-style structures; 32 assisted living apartments; and 36 memory care assisted living suites; and associated common areas.
The Series 2014 Bonds are rated BBB- by Fitch and consist of tax-exempt, fixed-rate bonds with a final maturity of 2042. The yield to maturity of the issue is 5.01%. The Series 2014 Bonds are being issued on a parity basis with the Series 2005 Bonds currently outstanding in the amount $30,065,000.
Rich Scanlon, Senior Managing Director in Ziegler’s Senior Living practice, commented, “After the closure of their original facility in Gunter Texas, CCC began examining growth opportunities in the metropolitan Dallas-Fort Worth market place. A Church of Christ in Allen, TX had land upon which they wanted to see a senior living community constructed and CCC saw tremendous opportunity in this primary market area (PMA). CCC worked with their architects to develop an efficient design that would be cost-effective to prospective residents. The hope is that this model can be rolled out to other areas within the DFW market to allow CCC to further expand their mission.”
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.
The Ziegler Companies, Inc. (PINKSHEETS: ZGCO), together with its affiliates (Ziegler), is a specialty investment bank with unique expertise in complex credit structures and advisory services. Nationally, Ziegler is ranked as one of the leading investment banking firms in its specialty sectors of healthcare, senior living, religion, and education, as well as general and structured municipal finance. Headquartered in Chicago, IL with regional and branch offices throughout the U.S., Ziegler provides its clients with capital raising, corporate finance, FHA/HUD, strategic advisory services and research. Ziegler serves institutional and individual investors through its wealth management and capital markets distribution channels.
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. The forward-looking statements are subject to a number of risks and uncertainties, in particular, the overall financial health of the securities industry, the strength of the healthcare sector of the U.S. economy and the municipal securities marketplace, the ability of the Company to underwrite and distribute securities, the market value of mutual fund portfolios and separate account portfolios advised by the Company, the volume of sales by its retail brokers, the outcome of pending litigation, and the ability to attract and retain qualified employees.
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