The church faced interest rate adjustments in spring of 2017 and again in 2022. This refinancing enabled them to lock into a fixed-rate structure and eliminate that future interest rate risk...
Chicago, IL (PRWEB) October 24, 2016
Ziegler, a specialty investment bank, is pleased to announce the successful closing of a $5,915,000 Series 2016 financing for West Bowles Community Church, Littleton, Colorado, a new client to Ziegler.
West Bowles Community Church began in 1985 and was formed by five families who came together to create a new ministry in Littleton, a suburb of Denver, Colorado. The congregation initially met in the gymnasium at a local elementary school with approximately 100 people in attendance. In 1987, the church purchased four acres of land located on West Bowles Avenue (the existing Church Site) and completed its first building in 1991. An additional 13 acres was purchased a few years later. Leadership began to develop plans to construct a larger worship facility to accommodate the congregation and in 1997, the church completed construction of a 1,100-seat sanctuary expansion. Additional building expansions occurred in 2000 and 2005. The church has a current weekly worship attendance of 757.
The new financing refinanced an existing bank loan that was incurred to pay the costs to construct the sanctuary in 1997. The loan was amortized over 20.5 years to match the remaining amortization period of the bank loan that was refinanced. The refinancing provided the church with a fixed-rate debt structure avoiding future interest rate uncertainty.
Thomas Fitzpatrick, Senior Pastor of West Bowles Community Church, commented, “Commercial bank financing options can offer attractive short-term interest rates, but they are short-term arrangements and leave the church exposed to future interest rate risk. The Board was attracted to the security of a fixed interest rate that the Ziegler option provided. With this refinancing in place, we can focus more on ministry and less on predicting interest rates.”
“The church faced interest rate adjustments in spring of 2017 and again in 2022. This refinancing enabled them to lock into a fixed-rate structure and eliminate that future interest rate risk,” stated Steve Hron, Director in Ziegler’s religion finance practice.
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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