Ziegler Closes $42.585 Million Financing For Salemtowne

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Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $42,585,000 tax-exempt, fixed-rate Series 2015 Bonds for Moravian Home, Incorporated d/b/a Salemtowne (Salemtowne), a new client to Ziegler.

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It has been a pleasure working with Salemtowne on the Series 2015 transaction. Salemtowne provides a wonderful life style on a beautiful campus and the new nursing facility will enable the community to continue to grow and prosper for many years to come.

Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $42,585,000 tax-exempt, fixed-rate Series 2015 Bonds for Moravian Home, Incorporated d/b/a Salemtowne (Salemtowne), a new client to Ziegler.

Salemtowne is a charitable not-for-profit North Carolina corporation that owns and operates a CCRC on 115 acres in Winston-Salem, NC. Commencing operations in 1972, Salemtowne currently consists of 171 independent living units (98 apartments and 73 cottages); 46 assisted living beds; and 84 skilled nursing beds (18 of which are memory support).

Salemtowne’s strategic plan (Phase I) includes the construction and equipping of a new skilled nursing facility that will initially contain 100 skilled nursing beds (40 of which will be rehabilitation beds) and 20 assisted living memory care beds (the Project). The total building size will be approximately 126,780 square feet and approximately 14,950 square feet will be devoted to the assisted living memory care beds. The Project is a replacement and expansion of certain existing facilities.

Proceeds of the $42,585,000 Series 2015 Bonds will be used, together with other available funds, to (a) finance the costs of the Project (details above); (b) fund a debt service reserve fund; (c) pay a portion of the interest accruing on the Bonds during the construction of the Project; and (d) pay certain fees and expenses incurred in connection with the sale and issuance of the Bonds. The Series 2015 Tax-Exempt Fixed Rate Bonds have a 2045 final maturity (30-years) and have an aggregate yield to maturity 5.406%. Davenport & Company, LLC served as a 15% co-manager and PFM served as Financial Advisor on the transaction.

Tommy Brewer, Managing Director in Ziegler’s senior living practice, stated, “It has been a pleasure working with Salemtowne on the Series 2015 transaction. Salemtowne provides a wonderful life style on a beautiful campus and the new nursing facility will enable the community to continue to grow and prosper for many years to come.”

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.

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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