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September 7, 2023

Ziegler closes $118M bond deal for senior community

Over in Redmond, the Emerald Heights senior community recently announced a $55 million expansion of its campus. A new 54-unit building is part of that plan, as is a 42-unit building that began construction last year. (It now has 333 units, and provides other services, in various buildings.) Financing for both, and other campus improvements, is coming from a $118.3 million bond issue successfully sold by Ziegler, a private investment bank based in Chicago. It recently announced that the tax-exempt, fixed-rate bonds, originated by the Washington State Housing Finance Commission, also refinanced a 10-year-old prior financing package — and refinanced last year's construction loan. The nonprofit Emerald Communities' Lisa Hardy explained, “This was a complicated financing with several moving parts. It was crucial to us to have Ziegler as our investment banker as we navigated all of the complex dynamics of this financing.” Ziegler's Sarkis Garabedian added, “It has been 10 years since Emerald Heights accessed the capital markets, and they were greeted with strong investor demand, despite a volatile bond market. The financing was well oversubscribed with a deep book of institutional investors.” Fitch gave the bonds an A minus rating.




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