Ziegler was pleased to work side-by-side with management to complete this complex transaction. Successfully funding project completion, while maintaining credit strength.
Chicago, IL (PRWEB) August 14, 2015
Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $20,925,000 unrated tax-exempt fixed-rate Series 2015A&B Bonds for The Arlington of Naples.
The Arlington of Naples was incorporated in 2008 for the purpose of developing, owning, and operating a not-for-profit Type B continuing care retirement community (CCRC) on 39 acres in the master-planned Lely Resort in Naples, Florida. The Lely Resort is a 3,000-acre luxury real estate community with eight unique neighborhoods, three championship golf courses, and a myriad of other amenities. The Arlington of Naples is sponsored by Lutheran Life Ministries (LLM), f/k/a Lutheran Life Communities, ranked #54 in the 2014 LeadingAge Ziegler 150, an annual publication ranking the largest senior living providers by number of units, with five existing communities comprised of 1,279 existing units across Illinois and Indiana. LLM traces its inception to the 1890s with The Lutheran Home in Arlington Heights, Illinois.
The Arlington of Naples will offer a full continuum of care on its campus, with 128 independent living apartments, 47 independent living villas, 42 assisted living apartments, 37 memory support suites, and 44 skilled nursing suites. The gross square footage of the Community is anticipated to be approximately 617,000, including the common areas and structured parking. The Arlington of Naples is currently under construction and is estimated to open in October 2015. Presales of its independent living units are underway. As of June 10, 2015 the community was 85% pre-sold.
“In the coming months, I look forward to welcoming our first founders to their new homes at The Arlington of Naples. We are confident that the faithfully planned community and lifestyle will exceed expectations and be celebrated for generations to come,” stated Roger W. Paulsberg, President & CEO of Lutheran Life Communities.
The Series 2015A&B Bonds were issued simultaneously with the closing of an $8 million construction loan from the Mission Investment Fund of the Evangelical Lutheran Church in America. The purpose of these two financings is to provide funds to complete the project as originally envisioned at the time of the Series 2013 Bond issuance in the amount of $190,295,000, and to provide funds for the construction of 16 additional independent living villas.
The Series 2015 Bonds and the construction loan are being issued to: (i) fund remaining project costs including the construction of 16 additional independent living villas; (ii) establish debt service reserve funds for the Series 2015 Bonds; (ii) fund 18 months of interest on the Series 2015 Bonds; and (vi) pay costs of issuance for the Series 2015 Bonds and the construction loan. LLM is providing a Liquidity Support Agreement for $11 million, of which $7 million was funded at the Series 2013 closing and held with the trustee. The unfunded portion of the Liquidity Support Agreement was increased by $1 million (to $4 million) in connection with the Series 2015 financing.
Steve Johnson, Managing Director in Ziegler’s senior living practice, commented, “Ziegler was pleased to work side-by-side with management to complete this complex transaction. Successfully funding project completion, while maintaining credit strength.”
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.
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