Ziegler, a Chicago-based investment bank with expertise in the not-for-profit senior living sector, has successfully closed on $61.3 million Aldersly Series 2023 Bonds. The proceeds of the bonds and an equity contribution will be used to fund construction of a 35-unit residential care facility at Aldersly Garden Retirement Community in San Rafael, California. This new facility includes larger apartments for increased marketability, additional common areas and more parking spaces.
The refinancing of existing Series 2015A bonds is also included as part of this financing package along with approximately 26 months worth capitalized interest payments; debt service reserve funds; bond insurance premium payment; and costs associated with issuance fees for the series 2023 Bonds issued through California Municipal Finance Authority (CMFA). Standard & Poor’s rated these bonds “AA-” due to credit enhancement provided by CalMortgage Loan Insurance Program which amortizes over 30 years period including seven year call option at 103 declining to par value in 2032 .
