Securing a fixed interest rate in the current environment eliminated the risks associated with upcoming balloon payments on the church’s bank notes. This refinancing provides budget certainty to church for years to come and generates cash flow savings...
Chicago, IL (PRWEB) November 02, 2015
Ziegler, a specialty investment bank, is pleased to announce the successful closing of a $14,750,000 financing for Rolling Hills Community Church, a new client to Ziegler.
Rolling Hills Community Church began in 1978 and held its first service in the Oregon Bank building on Easter Sunday 1978 with 120 attendees. After meeting in homes and school gyms for six years, the congregation raised $685,000 in 1984 and constructed the first building at the current church site on approximately 10 acres of land purchased in 1979. A facility expansion occurred in 1992 and additional land was acquired in 1994 and 1998 for expansion. In August 2005 Rolling Hills Community Church completed a 134,739 square foot ministry building that included a 2,500-seat sanctuary. In total, the church site consists of an 189,758 square foot ministry facility on approximately 33 acres.
As part of the project completed in 2005, the church incurred three promissory notes with a bank for a maximum total of $18 million. Financing proceeds were used to refinance the entire credit facility, which eliminated the upcoming balloon payment obligations, locked the rate in for 25 years and saved the church approximately $100,000 per year in debt service.
Steve Hron, director in Ziegler’s religion finance practice, stated, “Securing a fixed interest rate in the current environment eliminated the risks associated with upcoming balloon payments on the church’s bank notes. This refinancing provides budget certainty to church for years to come and generates cash flow savings that can be re-directed into ministry.”
“Ziegler’s structure offers a long-term fixed-rate, no prepayment penalties and no intrusive operational covenants. These were attractive loan features to our Board,” commented, John Geffel, Business Administrator for Rolling Hills Community Church.
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.
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