Ziegler closes $45M financing for Presbyterian Retirement Communities; announces partnership with Link•Age Ventures
Ziegler successfully closed the $44.97 million financing for Presbyterian Retirement Communities, Inc. PRC and certain of its affiliates make up the Obligated Group, which constitutes the largest group of continuing care retirement communities in Florida with a total of 3,311 units including 2,093 residential units, 467 assisted living units and 751 skilled nursing units.
Proceeds of the financing will be used to refund outstanding bonds, reimburse the Obligated Group for prior capital expenditures, fund future capital expenditures, establish a debt service reserve fund and pay costs of issuance.
In other Ziegler news, the firm and Link•Age Ventures, Inc. announced the formation of the Ziegler Link•Age Longevity Fund, L.P. on Tuesday.
The total capital commitments to the fund are $26.6 million. The 50/50 joint venture will invest in companies seeking additional growth capital.
“Providing our not-for-profit senior living and healthcare services clients with unique access to high profile, innovative companies, along with the collaborative idea sharing between the Limited Partners (LPs) and healthcare constituents, will benefit the entire community. We want to build on not-for-profit providers' historical approach to shared learning experiences and provide a forum to cultivate new solutions relevant to their organizations,” said Dan Hermann, Head of Investment Banking at Ziegler.