Ziegler, a Chicago-based investment bank specializing in the not-for-profit senior living sector, recently closed on $61.3 million Aldersly Series 2023 Bonds to fund construction of a 35-unit residential care facility at Aldersly Garden Retirement Community in San Rafael. The proceeds from the bonds were used with an equity contribution to build larger apartments with more common areas and parking; refinance existing Series 2015A bonds; fund approximately 26 months of capitalized interest; create debt service reserve funds; pay bond insurance premiums and cover certain costs associated with issuance.
The California Municipal Finance Authority issued the 30 year amortizing bonds which had a seven year call at 103 declining to par by 2032. Standard & Poor’s rated them “AA-.”
