Ziegler Completes $35M Financing for Pacific Retirement Services Expansion
On September 8, 2025, Ziegler, a renowned specialty investment bank, announced the successful close of the PRS Pacific Northwest Obligated Group Series 2025AB Bonds, totaling an impressive $35,334,000. The bonds, underwritten through the Oregon Facilities Authority, are earmarked to fund the much-anticipated Cascade Manor Project. This project represents a strategic expansion initiative that involves the construction of 29 new independent living units aimed at enhancing quality housing options for seniors in Eugene, Oregon.
The financing is not just a sum of money; it represents a cohesive effort to improve the living conditions of seniors. With the funds raised, part of the capital will cover construction costs, including a portion of the interest expenses incurred during the build phase, and fund costs associated with issuing the bonds themselves. These bonds are secured by a pledge of gross revenues and the real estate of the four facilities owned by the Obligated Group, which are located in Oregon and Washington.
Cascade Manor, Inc., the organization spearheading this project, is a prominent 501(c)(3) not-for-profit institution that promotes a comprehensive Life Plan Community model. Established in Eugene, Cascade Manor is dedicated to enriching the lives of senior residents by providing not only housing but also an array of healthcare and support services tailored for their needs. Since joining the Pacific Retirement Services (PRS) family in 1996, Cascade Manor has witnessed substantial growth and numerous renovations, including a significant expansion of its campus with the addition of 50 units and state-of-the-art facilities such as a fitness center, indoor pool, and spa.
Ziegler took on the role of placement agent for the bonds, effectively structuring the deal and collaborating with Truist Bank for the capital placement. The innovative structure includes a floating rate design with a draw-down feature aimed at minimizing the interest expenses during the construction period. To further secure financial stability, PRS employed a hedging strategy for a segment of the bonds, helping to mitigate potential interest rate risks.
Diana Jamison, the Chief Financial Officer at PRS, expressed her pride in the successful realization of this project, emphasizing the collaborative nature of their partnership with Ziegler and Truist. She stated, "This financing demonstrates the power of collaboration and commitment to creating long-term value in communities. It confirms our dedication to expanding quality living options for seniors, central to our mission."
Sarkis Garabedian, a Managing Director in Ziegler's Senior Living Finance Practice, echoed her sentiments, stating, "We are honored to continue our partnership with PRS as they expand their Eugene campus. This project not only reflects a thoughtful approach to growth but also represents our long-term commitment to supporting high standards in senior living. Our focus remains on fostering relationships that enable sustainable financing solutions for such important initiatives."
As the leading underwriter of finance solutions for not-for-profit senior living providers in the U.S., Ziegler is recognized for its innovative, tailored financial strategies. The firm’s commitment extends across various domains, offering services ranging from investment banking and financial risk management to capital planning and strategic advisory services aimed at aiding senior living providers effectively.
For additional insights and detailed information about Ziegler’s services, visitors can explore their official website at www.ziegler.com.
This undertaking not only underlines Ziegler's investment acumen but also highlights its role in advancing significant projects that mitigate housing shortages for seniors, showcasing a proactive and engaged approach in areas critical to community welfare and support.
The financing is not just a sum of money; it represents a cohesive effort to improve the living conditions of seniors. With the funds raised, part of the capital will cover construction costs, including a portion of the interest expenses incurred during the build phase, and fund costs associated with issuing the bonds themselves. These bonds are secured by a pledge of gross revenues and the real estate of the four facilities owned by the Obligated Group, which are located in Oregon and Washington.
Cascade Manor, Inc., the organization spearheading this project, is a prominent 501(c)(3) not-for-profit institution that promotes a comprehensive Life Plan Community model. Established in Eugene, Cascade Manor is dedicated to enriching the lives of senior residents by providing not only housing but also an array of healthcare and support services tailored for their needs. Since joining the Pacific Retirement Services (PRS) family in 1996, Cascade Manor has witnessed substantial growth and numerous renovations, including a significant expansion of its campus with the addition of 50 units and state-of-the-art facilities such as a fitness center, indoor pool, and spa.
Ziegler took on the role of placement agent for the bonds, effectively structuring the deal and collaborating with Truist Bank for the capital placement. The innovative structure includes a floating rate design with a draw-down feature aimed at minimizing the interest expenses during the construction period. To further secure financial stability, PRS employed a hedging strategy for a segment of the bonds, helping to mitigate potential interest rate risks.
Diana Jamison, the Chief Financial Officer at PRS, expressed her pride in the successful realization of this project, emphasizing the collaborative nature of their partnership with Ziegler and Truist. She stated, "This financing demonstrates the power of collaboration and commitment to creating long-term value in communities. It confirms our dedication to expanding quality living options for seniors, central to our mission."
Sarkis Garabedian, a Managing Director in Ziegler's Senior Living Finance Practice, echoed her sentiments, stating, "We are honored to continue our partnership with PRS as they expand their Eugene campus. This project not only reflects a thoughtful approach to growth but also represents our long-term commitment to supporting high standards in senior living. Our focus remains on fostering relationships that enable sustainable financing solutions for such important initiatives."
As the leading underwriter of finance solutions for not-for-profit senior living providers in the U.S., Ziegler is recognized for its innovative, tailored financial strategies. The firm’s commitment extends across various domains, offering services ranging from investment banking and financial risk management to capital planning and strategic advisory services aimed at aiding senior living providers effectively.
For additional insights and detailed information about Ziegler’s services, visitors can explore their official website at www.ziegler.com.
This undertaking not only underlines Ziegler's investment acumen but also highlights its role in advancing significant projects that mitigate housing shortages for seniors, showcasing a proactive and engaged approach in areas critical to community welfare and support.
Topics Financial Services & Investing）
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