The Friendsview financing helped the organization favorably restructure its existing debt covenants, fund the first phase of its University Village expansion and position them nicely for future University Village phases. Friendsview remained diligent...
CHICAGO, IL (PRWEB) August 11, 2016
Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $42,140,000 un-rated, fixed-rate Series 2016 Bond issue for Friendsview Manor d/b/a Friendsview Retirement Community (the Corporation or Friendsview), a new client to Ziegler.
Friendsview is an Oregon not-for-profit corporation, which consists of two campuses located in Newberg, Oregon, approximately 25 miles southwest of Portland, Oregon. Friendsview operates 317 total homes including 239 entry-fee independent living homes, 31 residential care apartments, 18 residential care memory beds and 29 residential care health beds. Friendsview is a registered Type-A life plan community, also known as a continuing care retirement community or CCRC, offering a continuum of care to its residents. Friendsview is comprised of distinct neighborhoods. The main building includes The Manor, Creekside, Gardenside neighborhoods and the Charles Beals Health Center. Additional residential neighborhoods include Cherry Street Village, Spaulding Oaks, Meadow Way and Springbrook Meadows. The Springbrook Meadows campus is located two miles from Friendsview’s main Fulton Street campus.
Proceeds of the 2016 Bonds will be used to (i) refund all of the outstanding principal amount of the $23,395,000 Series 2014A (Tax-Exempt) Bonds; (ii) refund all of the outstanding principal amount of the $880,000 Series 2014B (Federally Taxable) Bonds; (iii) fund swap termination payments; (iv) finance the construction and development of a 38 independent living expansion project known as University Village to be located adjacent to Friendsview’s main campus in Newberg, Oregon; (v) refinance certain taxable bank indebtedness of the Corporation outstanding in the amount of approximately $700,000; (vi) fund a debt service reserve fund for the benefit of the Bonds; and (viii) pay certain costs of issuance of the Bonds.
“Ziegler staff have been professional in every way. They spent extra time working with our board and helping us decide on the best way to move forward to meet our financial goals. We feel well cared for and known. We also feel that we have the best deal possible for our goals and our future! Thanks Ziegler!,” stated Todd Engle, Executive Director, Friendsview Retirement Community.
“The Friendsview financing helped the organization favorably restructure its existing debt covenants, fund the first phase of its University Village expansion and position them nicely for future University Village phases. Friendsview remained diligent in their planning process while also maintaining flexibility in customizing the plan of finance to fully capitalize on current market conditions. The financing drew an outpouring of support from the investor community. Ultimately 28 funds participated in the offering, helping drive the bond yield below 4% - the lowest we have ever seen for a senior living transaction of this type,” commented, Sarkis Garabedian, Senior Vice President 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.
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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