“We are thrilled to have been able to secure the debt needed for Symphony to complete this acquisition in a timely manner during a difficult lending period in the market,” stated Christopher Utz, Director, Ziegler’s Senior Housing & Care Finance Practice.
CHICAGO (PRWEB) December 22, 2020
Ziegler, a specialty investment bank, is pleased to announce its role as exclusive capital structuring advisor in a $49,400,000 debt placement (the “Financing”) on behalf of Symphony Care Network (Symphony) to finance the acquisition of a portfolio of four skilled nursing properties and one assisted living property (the “Portfolio”) located in Illinois.
Symphony has operated the Portfolio since 2012, which consists of 616 licensed skilled nursing beds and 109 assisted living units. Symphony’s overall portfolio totals 29 properties throughout Illinois, Indiana, Wisconsin and Michigan.
The Financing consists of two tranches: 1) a $44,400,000 Senior Secured Term Loan and 2) a $5,000,000 Asset-Backed Line of Credit (“ABL”) which was placed with a reputable national healthcare lender.
“We are thrilled to have been able to secure the debt needed for Symphony to complete this acquisition in a timely manner during a difficult lending period in the market,” stated Christopher Utz, Director, Ziegler’s Senior Housing & Care Finance Practice, who arranged and negotiated the transaction.
“This financing will support the ongoing delivery of high quality care and services to the residents in the surrounding areas. We appreciated Ziegler’s responsiveness as well as its industry depth, which was evident throughout the process. This was a complicated transaction, and Ziegler was able to execute for us,” stated David Hartman, Founder & CEO, of Symphony Care Network.
Ziegler’s Senior Housing & Care Finance Practice brings its experience and expertise to senior housing and post-acute care clients. By offering a comprehensive suite of products for debt, equity and M&A services, our professionals provide creative solutions that meet your organization’s capital goals.
For more information about Ziegler, please visit us at http://www.ziegler.com.
Ziegler is a privately held, national boutique investment bank, capital markets and proprietary investments firm. It has a unique focus on healthcare, senior living and education sectors, as well as general municipal and structured finance. Headquartered in Chicago with regional and branch offices throughout the U.S., Ziegler provides its clients with capital raising, strategic advisory services, fixed income sales, underwriting and trading as well as Ziegler Credit, Surveillance and Analytics. 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.