St. James Place is an established senior living community and the only not-for-profit providing life care contracts in the Baton Rouge marketplace, a strong competitive advantage. This transaction will convert their shorter-term bank debt to long-term...
Chicago, IL (PRWEB) March 25, 2015
Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $56,695,000 tax-exempt, fixed-rate Series 2015A Bond issue and the $6,615,000 2015B taxable, fixed-rate Bond issue for St. James Place of Baton Rouge (St. James Place).
St. James Place (the Community), a new client to Ziegler, is a Louisiana not-for-profit corporation that operates a lifecare, entrance fee-based continuing care retirement community on a 50-acre campus approximately one mile from Louisiana State University. The Community consists of 225 independent living units, 36 of which are located in one-story garden homes and patio homes. Assisted living is comprised of 55 assisted living apartments, 40 of which are traditional assisted living units and 15 of which are secured for residents with progressing stages of dementia. Nursing care consists of 90 licensed nursing home beds, which include 64 skilled nursing beds and a 26-bed secured community for residents with more severe dementia. When the Community opened in 1983, it became the first CCRC in the state of Louisiana and remains the only CCRC in Baton Rouge.
Proceeds of the Series 2015 Bonds will be used to currently refund 2007A Bonds, two outstanding bank loans, terminate an existing interest rate swap, provide reimbursement for previous capital expenditures, pre-fund certain future capital expenditures, provide for the accelerated payment of certain entrance fee refunds, fund a separate debt service reserve fund for each series of bonds, and pay the costs of issuance for the bonds.
Rich Scanlon, Managing Director in Ziegler’s senior living practice, commented, “St. James Place is an established senior living community and the only not-for-profit providing life care contracts in the Baton Rouge marketplace, a strong competitive advantage. This transaction will convert their shorter-term bank debt to long-term fixed rate and provide the corporation with a solid platform to move forward with their other strategic objectives.”
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.
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.
# # #