Ziegler Closes $62 Million in Financing for California Senior Housing Non-Profit

Specialty investment bank Zeigler announced Monday that it has closed a $62 million fixed-rate issue for Episcopal Senior Communities (ESC), a California non-profit public benefit corporation that provides housing, related facilities and services for elderly people on a non-profit, religious and charitable basis.

“ESC is among the highest rated and strongest multi-site senior living systems in the country. It is an honor to help them take the next step toward achieving their growth and redevelopment goals,” said Mary Munoz, managing director in Ziegler’s Senior Living practice. The Chicago-based investment bank said the financing would serve in two ways.

The $62 million issue comprises Series 2011 bonds that are being issued to refinance outstanding Series 1998 Bonds, the company said. The financing will also help to fund the reimbursement of $10 million in capital expenditures related to planned repositioning and expansion of ESC’s Spring Lake continuing care retirement community (CCRC), located in Santa Rosa, Calif. The refinancing of the bonds is part of a larger plan to reduce maximum annual debt service in preparation for 2012 financing for the Spring Lake Village Project.

SHN Awards Ad
Advertisement

ESC operates five CCRCs in California as well as affordable housing communities for senior living.

Written by Elizabeth Ecker

SHN Awards Ad
Advertisement