Ziegler Closes $50.69 Million Querencia at Barton Creek Financing

Share Article

Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $50,690,000 tax-exempt, fixed-rate, Fitch “BBB-“ (stable) Series 2015 Bond issue for Querencia at Barton Creek.

News Image
The Series 2015 Bonds for Querencia represents the fourth issue that Ziegler completed for SQLC’s core Texas communities in 2015. A favorable interest rate environment allowed for refunding savings of over 7.0%...

Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $50,690,000 tax-exempt, fixed-rate, Fitch “BBB-“ (stable) Series 2015 Bond issue for Querencia at Barton Creek.

Senior Quality Lifestyles Corporation (SQLC), a Texas nonprofit organization, was formed in July 2002 and serves as the sole corporate member of Barton Creek Senior Living Center, Inc. (the Obligor). SQLC is the nation’s 29th largest nonprofit provider of senior living services based upon the 2015 LeadingAge Ziegler 150 (LZ 150) ranking and the largest in Texas. SQLC operates five communities in Texas with a total of 1,586 total units and The Barrington of Carmel in Carmel, Indiana, which opened in 2013 for a total of 1,857 units. In addition to the Obligor, SQLC is the sole corporate member of the following organizations: Northwest Senior Housing Corporation; Buckingham Senior Living Community, Inc.; SQLC Senior Living Center at Corpus Christi, Inc.; Tarrant County Senior Living Center, Inc.; Mayflower Communities, Inc.; and SQLC LSA, LLC.

The Obligor owns and operates a senior living community known as Querencia at Barton Creek (Querencia or the Community). The Community is located on an approximately 40-acre site in the Barton Creek neighborhood, an affluent area in the southwest portion of Austin, Texas. The Community consists of 157 residential independent living units, 10 residential independent living villas, 40 assisted living units, 23 memory support units, and 42 skilled nursing beds.

Proceeds of the Series 2015 Bonds, together with other funds, will be used to (i) currently refund the outstanding Series 2005A Bonds in the amount of $37.7 million, (ii) provide for improvements to certain common areas, (iii) fund a restoration project at the Community, (iv) fund a debt service reserve fund, and (v) pay the cost of issuance of the Series 2015 Bonds. The issuance of the Series 2015 Bonds represents the second time that Ziegler has served as the underwriter for a transaction for Querencia and the 13th time for a SQLC sponsored community (for a total of $1.1 billion in total bonds issued).

“The Series 2015 Bonds for Querencia represents the fourth issue that Ziegler completed for SQLC’s core Texas communities in 2015. A favorable interest rate environment allowed for refunding savings of over 7.0% and the ability to borrow additional funds to (i) repair the façade of the building and (ii) begin the process of updating and expanding common areas will maintain the attractiveness of the campus and secure its reputation as the leader in the marketplace,” commented, Rich Scanlon, Managing Director in Ziegler’s senior living practice.

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.
# # #

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Leslie Weir
Ziegler
+1 (312) 596-1646
Email >
Visit website