Ziegler Closes $103.755 Million Financing for Rockwood Retirement Communities
Chicago, IL (PRWEB) February 18, 2014 -- Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $103,755,000 unrated, fixed-rate Series 2014 Bond issue for Rockwood Retirement Communities. Spokane United Methodist Homes d/b/a Rockwood Retirement Communities (Rockwood, or the Borrower) is a Washington not-for-profit corporation organized in 1958 by members of the Central United Methodist Church of Spokane, Washington.
Rockwood originally consisted of a single CCRC on 90 acres on Spokane’s south side--Rockwood Manor, now known as Rockwood South Hill. In 1999 Rockwood expanded with the acquisition of a community on eight acres on Spokane’s north side known as Rockwood at Hawthorne. Rockwood South Hill and Rockwood at Hawthorne are the only two accredited CCRCs between Seattle and Minneapolis. Rockwood is currently developing a new 11-story tower (The Summit at Rockwood South Hill) on the Rockwood South Hill campus. The tower will include 65 new independent living apartments, an underground parking structure, common space and amenities.
Proceeds of the Series 2014 Bonds will be used to finance the costs of The Summit project; refinance outstanding indebtedness; pay a portion of the interest on the bonds during the construction of the project (approximately 26 months); fund debt service reserve funds; and pay certain costs relating to the issuance of the Series 2014 Bonds.
Mary Muñoz, Managing Director in Ziegler’s Senior Living practice, commented, “It is exciting to see Rockwood join many other not-for-profits around the country who are growing and repositioning their communities post-recession. The new accommodations on campus provide a nice opportunity for larger living spaces closer to the central-campus amenities. Rockwood was caught in the dramatic and fast bond market downturn last summer and fall, with significant mutual fund outflows and rising rates delaying sale of the bonds. All of the Ziegler team is so pleased to close this financing for our valued client.”
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:
Since 1902, Ziegler has grown to become a full-service, specialty investment bank and broker-dealer. Ziegler provides its clients with capital raising, strategic advisory services, equity and fixed income sales & trading, wealth management, and research. Specializing in the healthcare, senior living, education, and religion sectors, Ziegler is committed to advancing the health, wealth and well-being of our clients.
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.
# # #
Leslie Dunham, Ziegler, http://www.ziegler.com, +1 (312) 596-1646, [email protected]
Share this article