Ziegler Successfully Closes $41.2 Million in Financing for Senior Living Communities
In a significant move for senior living financing, Ziegler has successfully closed a bond deal worth $41.2 million for Christian Living Communities (CLC), a key player in the assisted living sector located in Denver, Colorado. This funding was acquired through the Colorado Health Facilities Authority, facilitating the issuance of Series 2026 Bonds aimed at supporting the communities operated by Christian Living Neighborhoods (CLN).
Christian Living Neighborhoods comprises three essential locations in the Denver area: Clermont Park, Someren Glen, and Holly Creek. Collectively, these facilities offer extensive services, including 474 independent living apartments and villas, 122 assisted living accommodations, and 192 skilled nursing beds. With a solid 'BBB+' credit rating from Fitch, attributed to the bond issuance, CLC is poised for enhanced financial stability and operational efficiency.
Ziegler, renowned for its focus on senior living organizations, played an instrumental role in this refinancing. Jill Vitale-Aussem, President and CEO of CLC, expressed satisfaction with the outcome, emphasizing how the arrangement aligns with their long-term financial strategies. She noted that this not only reduces annual debt service costs but also provides CLC with vital flexibility to adapt to future challenges in an ever-evolving financial landscape.
The proceeds from these bonds will primarily be allocated towards refunding earlier Series 2016 Bonds while also earmarking $2 million for capital improvements. Remarkably, even with these expenditures, the new pricing is anticipated to generate over $4 million in total debt service savings, a figure that escalates to approximately $5 million on a net present value basis, representing 11% savings.
Matt Mulé, a Director in Ziegler's Senior Living Finance Practice, highlighted the robust market response to this refinancing initiative. He acknowledged CLC's achievement in securing its new credit rating and commended its impressive operational performance and leadership team. He further indicated that Ziegler’s long-standing partnership with CLC has cultivated a profound appreciation for its disciplined approach and mission-centric ethos, which underpin its success in providing compassionate care to diverse older adult populations across the Denver community.
Ziegler, as a leading underwriter for not-for-profit senior living services, offers a range of tailored solutions, including investment banking and strategic planning. The firm's commitment to fostering financial sustainability in senior living is evident through its comprehensive service offerings that extend beyond mere capital raising to include research, education, and communication.
As CLC prepares to navigate future challenges, this refinancing initiative serves to fortify its mission. By ensuring high-quality housing and services for older adults, while simultaneously securing financial resources to innovate and expand existing operations, CLC exemplifies an effective model within the senior living sector.
For more information about Ziegler and its services, visit www.ziegler.com. This deal reflects a practical understanding of balancing operational viability with financial prudence in the ever-demanding landscape of senior care, ultimately contributing to the overall welfare of its residents and the communities they serve.
Christian Living Neighborhoods comprises three essential locations in the Denver area: Clermont Park, Someren Glen, and Holly Creek. Collectively, these facilities offer extensive services, including 474 independent living apartments and villas, 122 assisted living accommodations, and 192 skilled nursing beds. With a solid 'BBB+' credit rating from Fitch, attributed to the bond issuance, CLC is poised for enhanced financial stability and operational efficiency.
Ziegler, renowned for its focus on senior living organizations, played an instrumental role in this refinancing. Jill Vitale-Aussem, President and CEO of CLC, expressed satisfaction with the outcome, emphasizing how the arrangement aligns with their long-term financial strategies. She noted that this not only reduces annual debt service costs but also provides CLC with vital flexibility to adapt to future challenges in an ever-evolving financial landscape.
The proceeds from these bonds will primarily be allocated towards refunding earlier Series 2016 Bonds while also earmarking $2 million for capital improvements. Remarkably, even with these expenditures, the new pricing is anticipated to generate over $4 million in total debt service savings, a figure that escalates to approximately $5 million on a net present value basis, representing 11% savings.
Matt Mulé, a Director in Ziegler's Senior Living Finance Practice, highlighted the robust market response to this refinancing initiative. He acknowledged CLC's achievement in securing its new credit rating and commended its impressive operational performance and leadership team. He further indicated that Ziegler’s long-standing partnership with CLC has cultivated a profound appreciation for its disciplined approach and mission-centric ethos, which underpin its success in providing compassionate care to diverse older adult populations across the Denver community.
Ziegler, as a leading underwriter for not-for-profit senior living services, offers a range of tailored solutions, including investment banking and strategic planning. The firm's commitment to fostering financial sustainability in senior living is evident through its comprehensive service offerings that extend beyond mere capital raising to include research, education, and communication.
As CLC prepares to navigate future challenges, this refinancing initiative serves to fortify its mission. By ensuring high-quality housing and services for older adults, while simultaneously securing financial resources to innovate and expand existing operations, CLC exemplifies an effective model within the senior living sector.
For more information about Ziegler and its services, visit www.ziegler.com. This deal reflects a practical understanding of balancing operational viability with financial prudence in the ever-demanding landscape of senior care, ultimately contributing to the overall welfare of its residents and the communities they serve.
Topics Financial Services & Investing）
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