Ziegler has completed a bond financing for Odd Fellows Home of California, closing on $101,745,000 in Series 2026AB Bonds issued through the California Statewide Communities Development Authority. The borrower is a not-for-profit senior living provider that operates two communities, one located in Saratoga and the other in Napa.
The new financing will support a significant expansion of Odd Fellows Home of California’s long-established Saratoga senior living campus, which has been in operation since 1912. The planned Saratoga Project is designed to add new residential capacity and upgraded communal spaces to the existing community, reflecting the organization’s continued investment in its original location.
Planned residential additions at the Saratoga campus include 52 new apartments. These apartments will be distributed across three new buildings, along with one new single-story cottage, expanding housing options for current and future residents. The project is intended to integrate with the existing community operations, adding modern units while maintaining the broader campus environment that has evolved over more than a century.
The expansion also includes new common-area amenities. The Saratoga Project calls for construction of a new 3,300-square-foot auditorium, which will be built with 16 garage parking spaces located below the auditorium structure. In addition, the plan provides for a new 1,000-square-foot exercise room, enhancing wellness and fitness offerings for residents. Dining room improvements are also part of the scope, targeting upgrades to shared spaces that support daily resident life and programming.
Bond proceeds will be allocated across several uses tied to the Saratoga Project and the financing structure. A portion of the funds will directly finance the expansion and improvements at the Saratoga community. Proceeds will also be used to fund debt service reserve funds associated with the bond issuance, and to pay capitalized interest on the bonds for a period of 30 months. Additionally, part of the bond proceeds will cover certain costs of issuing the bonds through the California Statewide Communities Development Authority.
This transaction represents the first financing Ziegler has completed with Odd Fellows Home of California. The closing underscores the organization’s access to the tax-exempt bond market for its senior living portfolio and highlights Ziegler’s role in structuring capital for not-for-profit senior living providers.
