Ziegler Closes $40.43 Million Sale Of Coventry Village, A 176-Unit Senior Housing Community In Wisconsin

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Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $40,430,000 sale of Coventry Village (the Community) on behalf of Harris Webber, Ltd., a regional senior housing operator.

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It was a pleasure representing Harris Webber, Ltd. in this transaction. The owner was very pleased with the outcome and the very high per-unit value achieved by our time tested process...

Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $40,430,000 sale of Coventry Village (the Community) on behalf of Harris Webber, Ltd., a regional senior housing operator.

Coventry Village is a 176-unit senior housing community offering independent living, assisted living, and memory care services in Madison, WI. In addition, there are 46 owner-occupied condominiums with an opportunity to build an additional 11 units. Coventry Village was developed by Harris Webber, Ltd., based in Libertyville, Illinois.

Harris Webber, Principal of Harris Webber, Ltd., stated, "The Ziegler team did much more than just find a buyer for our business, they provided a package of investment banking advice that resulted in a smooth process, transition of the business as well as generating a value that exceeded my expectations."

Built from 1999 to 2004, the Community represents one of the newer, age-restricted, senior living developments in Wisconsin. Positioned as a high-end senior living alternative, the Community was built to the highest construction standards, with large unit sizes and incorporates superior finishes and amenities. Occupancy was stabilized and the Community had experienced strong cash flow margins over the previous three fiscal years. With a strong reputation and expansion potential, the Community represented a unique opportunity to acquire an established, high-end senior living community in Wisconsin.

The Ziegler Corporate Finance team worked closely with the senior management team to market the community to logical buyers assist with negotiating their terms, coordinate due diligence and bring the transaction to a successful closing. Senior Housing Properties Trust purchased the Community and Five Star Quality Care will operate.

Founded in 1976, Harris Webber, Ltd. specializes in the development of quality retirement communities with a focus on comfort, convenience, and freedom from worry for the individuals who make those communities their home. Coventry's design approach emphasizes a non-institutional setting where an atmosphere of home and community always come shining through.

“It was a pleasure representing Harris Webber, Ltd. in this transaction. The owner was very pleased with the outcome and the very high per-unit value achieved by our time tested process,” commented Bill Mulligan, Managing Director and Head of Corporate Finance Senior Living & Post-Acute Care.

Ziegler’s Corporate Finance team is focused on delivering best-in-class advisory and financing solutions for companies and organizations across the healthcare industry. In our core practice areas of healthcare services, information technology, hospitals and senior living, Ziegler is one of the most active M&A firms offering innovative sell-side, buy-side, recapitalization/restructuring, equity private placement and strategic partnering services.

For more information about Ziegler Corporate Finance practice please visit us at http://www.Ziegler.com/CorporateFinance.com.

About Ziegler:
The Ziegler Companies, Inc., together with its affiliates (Ziegler), is a privately held, 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 municipal and structured 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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Leslie Weir
Ziegler
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