Ziegler, a speciality investment bank in Chicago, USA, has announced on 28th December 2020 the successful completion of US$ 136,770,000 of public bonds and bank capital for People of Faith, Inc. d/b/a Royal Oaks Life Care Community (Royal Oaks).
The transaction is composed of:
- US$ 90,770,000 Series 2020A Senior Living Revenue Bonds (the “Series 2020A Bonds”), tax-exempt funding for the Inspirata Pointe Project.
- US$ 46,000,000 Series 2020B Variable Rate Entrance Fee Redemption Bonds (the “Series 2020B Bonds” together with the Series 2020A Bonds, the “Series 2020 Bonds”)
The Series 2020A Bonds are tax-exempt fixed-rate term bonds amortizing more than 35 years, enveloping the existing Series 2016 Bonds to produce in aggregate level annual debt service terms. The Series 2020B Bonds, which is privately placed with Washington Federal Bank, are tax-exempt variable rate, drawdown, entrance fee redemption bonds expected to be redeemed upon 85% occupation of the Project (defined herein). The Bonds will be backed in stages after all fixed-rate bond proceeds have been expended.
Returns of the Series 2020 Bonds will support Inspirata Pointe (the “Project”), the first phase of Royal Oaks’ 20-year strategy. This phase will develop the popular campus by 8.1 acres to the west and will improve the facilities offered to the residents. Royal Oaks will construct 156 new independent living accommodations comprised of 2-story villa-style homes, a 3-story apartment building and a 4-story apartment building on the new property. The Project also incorporates a new culinary center which provides 3 new dining venues, which will secure the west end of a new amenity “main street” proposed in future phases.
Ziegler is one of the nation’s best underwriters of funding for not-for-profit senior living providers. It gives creative and simple solutions to its superior living customers which include investment banking, financial risk management, merger and acquisition services, seed capital, FHA/HUD, capital and strategic planning, senior living research, education, and communication.
About Ziegler
Ziegler, a privately held national boutique investment bank, capital markets and proprietary investments firm was founded in 1902 and headquartered in Greater Chicago, USA. It was founded by Bernhard Ziegler. It has an individual focus on healthcare, senior living and education sectors, general municipal and structured finance.
About Royal Oaks
Royal Oaks is an Arizona based nonprofit corporation that was founded in 1983 to operate and own a life care retirement community situated on almost 50 acres in Sun City, Arizona. The company currently offers 258 independent living apartments, 102 independent living private residential garden homes, 59 assisted living apartments, 56 memory care private suites, and a 60-bed high acuity assisted living care centre, that succeeded the earlier experienced nursing level of care on campus.
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