Ziegler Closes $3.9 Million Financing for CrossPoint City Church, Inc.
Chicago, IL (PRWEB) February 17, 2017 -- Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $3,900,000 Series 2017 financing for CrossPoint City Church, Inc., Cartersville, Georgia, a new client to Ziegler.
CrossPoint City Church began as a church plant in 2006, with a small group of families meeting at various locations. Throughout 2007, the church grew from 250 to 550 in average weekly attendance. In 2009, the church purchased, renovated and moved into its first facility, which is still the current location. Originally constructed in 1995, the 15,476-square foot facility includes a 300-seat worship space with administrative offices, located on one acre. By 2010, weekly attendance had grown to 750, and in 2012, the church welcomed a new lead pastor, James Griffin. Under Pastor Griffin’s leadership, the church continues its growth with current average weekly worship attendance at 1,180. As a result of this considerable growth, the search began for a larger space, and a property was located just two miles southwest of the church’s current location.
A portion of the proceeds from the sale of the 2017 Series Bonds will be used to acquire the 27,386-square foot church/multipurpose building, containing an 875-seat worship sanctuary, classrooms and offices, located at 325 Old Mill Road, Cartersville, Georgia, and to pay the costs of renovations, including the expansion of the lobby area and the addition of a new roof, new HVAC units and a new audio/visual system in the sanctuary. Exterior renovations will include removal of the steeple, painting of the entire exterior of the building and adding signage along Old Mill Road. Upon completion of the renovation project, the church will move all of its ministry operations to the Old Mill Road site and begin marketing its current Tennessee Street site for sale. In addition to the acquisition and renovation, a small portion of the net proceeds from the sale of the 2017 Bonds were also used to retire an outstanding bank note used to pay the costs of acquiring the current church site on Tennessee Street.
“Ziegler was the right lender for us. Our deal was so creative, and to make it work, Dave Schlosser continually found solutions to keep moving forward towards our end goal. The Ziegler team worked consistently hard for our dream of a new building to become a reality. I am looking forward to working with them in the future,” commented, Executive Director, Suzy Jordan.
“The CrossPoint City Church project was very unique in many ways, and Ziegler was glad to assist the church in purchasing a much larger facility. This is a rapidly growing ministry, and the larger facility will help them accommodate more people for worship, as well as provide more classroom space for ministry programs,” stated Dave Schlosser, Managing 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.
About Ziegler:
Ziegler is a privately held investment bank, capital markets, wealth management and proprietary investments firm, celebrating its 115th anniversary this year. Ziegler is ranked No. 1 in the country in healthcare/senior living underwriters by issuance and No. 4 by par amount (Thomson Reuters, 2016), and is ranked in the top 20 municipal underwriters in the country by volume (Bloomberg, 2016). Specializing in the healthcare, senior living, education and religion sectors, as well as general municipal and structured finance enables Ziegler to generate a positive impact on the communities it serves. Headquartered in Chicago with regional and branch offices throughout the United States, Ziegler provides its clients with capital raising, strategic advisory services, equity and fixed income sales & trading, wealth management and research. To learn more, visit http://www.ziegler.com.
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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Leslie Weir, Ziegler, http://www.ziegler.com, +1 (312) 596-1646, [email protected]
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