This expansion project and the 100% pre-sales of the new independent living units reflects the increasing demand for Duncaster housing and senior services, It has been exciting to see Duncaster prepare for its future...
Chicago, IL (PRWEB) November 10, 2014
Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $12,000,000 Series 2014A, tax-exempt, fixed-rate bond financing for Duncaster, a new client to Ziegler. Duncaster is a Connecticut non-stock, not-for-profit 501(c)(3) corporation located in Bloomfield, Connecticut.
Duncaster was incorporated in 1980, and opened in May 1984 as the first continuing care retirement community (CCRC) in the Hartford region. Duncaster offers independent living in residential units and provides a variety of personal and recreational services to residents. In addition, Duncaster provides its residents the security and comfort of knowing that should they require skilled nursing (at no additional cost) and certain medical care, they can receive such care for either short or long periods of time at the Duncaster health center and nursing facility, in close proximity to their spouse or friends. Duncaster is governed by a Board of Directors and employs 286 full- and part-time staff, 86 of whom currently live in Bloomfield. Duncaster’s unit mix after the 2014 project will consist of 195 independent living units, 42 assisted living units and 60 skilled nursing units.
The 2014 transaction is two-tranched, inclusive of a Construction Loan with a bank and the Series A Fixed-rate Bonds which are rated “BBB-” with a stable outlook from Fitch, along with a specified amount of borrower’s equity used to 1) finance the construction of 12 independent living units and 12 assisted living memory care units; 2) fund the acquisition of an adjacent parcel of land and related demolition and remediation as well as fund miscellaneous capital expenditures of the borrower; 3) fund a Debt Service Reserve Fund for the Series A Bonds; 4) fund capitalized interest for the Series A Bonds; and 5) pay certain costs relating to the issuance of the Series A Bonds and the Construction Loan.
“This expansion project and the 100% pre-sales of the new independent living units reflects the increasing demand for Duncaster housing and senior services, It has been exciting to see Duncaster prepare for its future and position itself to serve more residents in the future. It has been an honor to be a part of the Duncaster financing team,” commented Keith Robertson, Managing Director in Ziegler’s senior living finance 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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