As Buckingham has stabilized subsequent to opening in 2005, SQLC has recognized that the community needs adapt to maintain it's market position and provide the next generation of residents with the services they will require...
Chicago, IL (PRWEB) October 08, 2014
Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $18,575,000 non-rated, tax-exempt, fixed-rate Buckingham Senior Living Community, Inc. Series 2014 Bond issue. Senior Quality Lifestyles Corporation (SQLC), a Texas not-for-profit organization, serves as the sole corporate member of Buckingham Senior Living Community, Inc. (the Obligor). SQLC ranked 38 on the 2013 LeadingAge Ziegler 100 ranking of the largest not-for-profit multi-site senior living organizations.
The Buckingham (the Community) is located on an approximately 17-acre site in Houston. The site is located in the Memorial/Tanglewood areas of Houston, an affluent area of the city just west of the Houston Galleria. The Buckingham currently consists of 204 residential independent living apartments, an assisted living center, including 43 assisted living units and 16 memory support assisted living suites and a health center comprised of 60 nursing beds.
The Series 2014 Bonds will be used to provide funds for (i) acquiring approximately six acres of land adjacent to the Community, (ii) demolishing certain existing facilities on the acquired land, (iii) funding certain predevelopment costs of a future expansion project, (iv) funding certain future capital expenditures of the community, (v) funding a debt service reserve fund and (vi) paying a portion of the cost of issuance of the Series 2014 Bonds. The issuance of the Series 2014 Bonds represents the third time that Ziegler has served as the underwriter for the Obligor and the ninth time for a SQLC sponsored community.
“As Buckingham has stabilized subsequent to opening in 2005, SQLC has recognized that the community needs adapt to maintain it's market position and provide the next generation of residents with the services they will require. The Series 2014 Bonds allow SQLC the first steps in this exciting repositioning expected to commence in the second half of 2015,” stated Rich Scanlon, Senior 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.
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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