We’re pleased that Ziegler’s long-term financing capabilities matched the church’s objectives so well. We look forward to a long and mutually beneficial relationship with Truth Tabernacle.
Chicago, IL (PRWEB) February 05, 2016
Ziegler, a specialty investment bank, is pleased to announce the successful closing of a $1,789,000 Series 2015 financing for Truth Tabernacle of Bakersfield, a new client to Ziegler.
Truth Tabernacle of Bakersfield was formed in 1978. The church completed its first building project in 1991 on the existing church site, consisting of a 375-seat auditorium, classrooms, and offices. In 1997, after paying off its mortgage, the church completed a second phase of construction – a 729-seat auditorium and office building. In 2009, the church completed construction of a two-story, 27,715 square foot multipurpose facility that contains classrooms, a commercial kitchen, café, kids’ sanctuary, conference room, and game room. In total, the church site has 47,615 square feet of ministry building space on a 4.5-acre site. The church averages 360 attendees on the weekend.
Proceeds of the 2015 Series Bonds were used to refinance the ministry’s outstanding bank loan incurred to construct the multipurpose facility completed in 2009. The bank loan was issued at a variable interest rate, and the refinancing provided the church with a 16-year fixed rate of 4.82%. A portion of the bond proceeds were also used to reimburse the church for two improvement projects recently completed at the church site, including the purchase and installation of a new LED sign and the resurfacing of the church parking lot.
Bill Dodson, Senior Vice President in Ziegler’s religion finance practice, stated, “We’re pleased that Ziegler’s long-term financing capabilities matched the church’s objectives so well. We look forward to a long and mutually beneficial relationship with Truth Tabernacle.”
"We found Ziegler's staff to be thorough, personable, and trustworthy. We're thrilled to be locked at an extremely competitive rate for the duration of our loan," commented, Jonathan Mullings, Senior Pastor of Truth Tabernacle.
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.