With an average weekly attendance of about 800, the church has outgrown the 3rd Avenue site. Bond proceeds will help renovate a more sizeable, functional and visible ministry space to help facilitate growth...
Chicago, IL (PRWEB) April 24, 2015
Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $2,000,000 Series 2015 Bond issue for Life Church, Walla Walla, Washington, a new client to Ziegler.
Life Church was founded in 1997. The church leased space at a local YMCA before acquiring a facility in 2002 located on 3rd Avenue in Walla Walla. Under the church’s current leadership, weekly worship attendance has grown to approximately 800. Due to the significant growth, leadership searched for a larger ministry facility. In September 2014, the church entered into a contract to acquire a commercial property located nearby on 9th Avenue and developed a plan to sell the current 3rd Avenue church site and lease it back until the acquisition and facility improvements to the new facility site were completed.
In December 2014, the church sold the 3rd Avenue location and subsequently closed on the purchase of the 9th Avenue site in January 2015. The purchase of the new church site was funded with cash of the church and an interim bank loan. Proceeds from the sale of the 2015 Series Bonds were used to pay off the interim bank loan and to fund the first phase of improvements being made to the 9th Avenue site. The first phase of facility improvements will include the construction of a 700-seat sanctuary space, the build-out of a foyer, and the completion of site improvements, including site landscaping, the expansion of the site’s paved parking capacity from 95 spaces to 206 spaces, storm drainage, a new concrete drive approach, and exterior finishes to the building. Upon completion of the facility improvements, the church will relocate ministry operations from the 3rd Avenue site to the new 9th Avenue site.
“With an average weekly attendance of about 800, the church has outgrown the 3rd Avenue site. Bond proceeds will help renovate a more sizeable, functional and visible ministry space to help facilitate growth. The church’s sanctuary seating capacity at the new location will more than double and the larger overall campus will provide growth opportunities for all areas of ministry,” stated Steve Hron, Director in Ziegler’s religion finance practice.
Since our first financing in 1913, Ziegler has become a recognized leader in providing creative, tailored solutions to religious and educational institutions. Focusing on multidenominational places of worship, charter schools and K-12 private schools, Ziegler offers long-term, fixed-rate financing, tax-exempt financing and short-term, variable rate financing.
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.