Ziegler Financing Corporation was pleased to be able to execute this transaction that created significant value for the client and the community they serve. The residents will enjoy a better quality of life...
Chicago, IL (PRWEB) November 12, 2015
Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $6,372,400 refinancing of Pledgerville Senior Citizens Villa, a Section 202 affordable housing property, by Ziegler Financing Corporation (ZFC), the FHA-insured mortgage lending arm of Ziegler.
Pledgerville Senior Citizens Villa, Inc. was conceptualized by the late Reverend T. G. Pledger, Pastor of the historic Greater Community Baptist Church of Pacoima in the late 1970’s and came to fruition with construction of the 94-unit affordable housing complex in 1983 with the first residents moving into the complex in 1984. The property is located in Pacoima, a neighborhood in the northern San Fernando Valley region of Los Angeles.
ZFC’s expertise in utilizing HUD’s 202 refinancing policy created value for the borrower by: (1) reducing the annual debt service costs by 32%; (2) lowering the interest rate from 9.25% to less than 4.00%; (3) refinancing $3,540,000 of debt that consisted of a Section 202 Direct Loan and Flexible Subsidy Loan; (4) capitalizing over $1,500,000 worth of planned repairs to upgrade and modernize the property; and (5) providing for a meaningful developer’s fee that can be used at the board’s discretion.
“Pledgerville Senior Citizens Villa was pleased and privileged to be represented by ZFC in the HUD 223(f) refinance transaction. The Ziegler team was able to deliver flexible and tailored financial services to Pledgerville,” said Leroy Geter, President & CEO of Pledgerville Senior Citizens Villa. “Their passion and commitment to our interests and objectives and principles of integrity truly surpassed our expectations. Thanks to the Ziegler team for an orderly and timely closing.”
“Ziegler Financing Corporation was pleased to be able to execute this transaction that created significant value for the client and the community they serve. The residents will enjoy a better quality of life while the client’s overall debt service will be reduced. HUD’s Multifamily Staff was a great partner and we look forward to working with them more in the future,” stated Jeremy Frankel, Senior Vice President of Ziegler Financing Corporation.
Ziegler Financing Corporation’s dedicated team of FHA-insured financing professionals serves for-profit, not-for-profit, and community-based organizations to deliver high-leveraged, low-cost, fixed-rate debt through FHA-insured financing programs. Our clienteles’ financing needs are met by providing lower cost of capital to fund a range of development activities from deferred renovations to new construction.
For more information about Ziegler and FHA specifically, please visit us at http://www.Ziegler.com/fha or contact Bill Mulligan (bmulligan(at)ziegler.com) or Jeremy Frankel (jfrankel(at)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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