Ziegler closes financing for two facilities
Ziegler successfully closed a $175.1 million tax-exempt, fixed-rate Series 2017 financing for Mary's Woods at Marylhurst Inc. and a $64 million Series 2017 financing for Collington Episcopal Life Care Community Inc.
Mary's Woods is a not-for-profit continuing care retirement community in Lake Oswego, OR, that has five licensed skilled nursing suites. It also operates a community of independent living units, assisted living units, memory support suites and residential care suites.
Collington is a not-for-profit continuing care retirement community in Mitchellville, MD, that has 44 licensed skilled nursing beds. Collington also operates a community of independent living units and assisted living units.
Mary's Woods plans to use proceeds to refund outstanding bonds, finance a portion of property development and upkeep, pay interest on bonds, fund debt service reserve funds on bonds and pay costs of issuance of bonds, Ziegler said.
Collington plans to use proceeds to refund bonds, repay a construction loan, finance capital improvements, fund a debt service reserve fund and pay costs of issuance related to financing.
In other Ziegler news, the firm was named the No. 1 healthcare/senior living underwriter by financings and the No. 4 healthcare/senior living underwriter by par amount, according to 2016 league tables compiled by Thomson Reuters. Ziegler also is noted for high activity on M&A and advisory franchises. In 2016, Ziegler advised on 45 M&A deals, a nearly 30% increase from 2015.