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Retirement Community Receives $145m Financing To Break Ground

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GIG HARBOR, Wash. – Heron’s Key, an innovative continuing care retirement community (CCRC) sponsored by Emerald Communities, has received financing from specialty investment bank, Ziegler, and is excited to break ground Wednesday, Aug. 19.

Ziegler, one of the nation’s leading underwriters for not-for-profit senior living providers, successfully closed the $145 million non-rated, fixed-rate Series 2015 Bonds with a combination of permanent and temporary series for Heron’s Key in early August.

“We are excited to put shovels in the ground and celebrate with state officials, future residents and the Gig Harbor community for the ground breaking of Heron’s Key,” said Lisa Hardy, president and CEO of Emerald Communities, sponsor of Heron’s Key. “It is an honor to have the support of Ziegler, the state of Washington and many others while we reach this significant community milestone.”

More than 70 percent reserved, Heron’s Key will start construction later this month on the 18 acres of woodlands in the Harbor Hill neighborhood of Gig Harbor. The first phase will include 194 apartment and cottage homes, 36 assisted living suites and 45 skilled nursing private rooms. In addition, multiple dining venues, a salon and barber shop, nature walking trails, fitness center and onsite health center will be developed.

The onsite health center will provide care to residents of Heron’s Key and will accept direct public admission while offering a refreshing approach to long-term health care, memory care and rehabilitative services. Residents and their families gain peace of mind when it comes to the provision of this level of care if ever needed at a substantial savings.

“It is testament to an outstanding Board and leadership team that this transaction was purchased by a large group of 25 investors competing for the bonds,” said Managing Director in Ziegler’s senior living practice Mary Muñoz. “We are grateful for fourteen years working together with the Emerald Communities organization, and wish them much success with the new Heron’s Key community.”

Heron’s Key, the first true Life Care CCRC in Pierce County, is expected to open in Gig Harbor, Wash. early 2017.

To learn more about the community visit www.HeronsKey.org. Also, ‘Like’ Heron’s Key on Facebook for healthy aging tips and to learn about all the happenings in the Gig Harbor community, www.facebook.com/heronskey.

About Heron’s Key:
Heron’s Key, sponsored by Emerald Communities, is a not-for-profit senior housing and service organization. Scheduled to open in 2017, Heron’s Key is situated on nearly 18 acres in woodland in the Harbor Hill neighborhood of picturesque Gig Harbor, Wash. They will provide top-notch services and amenities to people ages 55 and older in the aspects of independent, assisted living and skilled nursing. The community will accommodate residents’ changing needs throughout the aging process. For more information about Heron’s Keys’ campus and services, please visit the website at www.HeronsKey.org.

About Ziegler:
The Ziegler Companies, Inc., together with its affiliates (Ziegler), is a privately held, specialty investment bank with unique expertise in complex credit structures and advisory services. Nationally, Ziegler is ranked as one of the leading investment banking firms in its specialty sectors of healthcare, senior living, religion, and education, as well as general municipal and structured finance. Headquartered in Chicago, IL with regional and branch offices throughout the U.S., Ziegler provides its clients with capital raising, corporate finance, FHA/HUD, strategic advisory services and research. Ziegler serves institutional and individual investors through its wealth management and capital markets distribution channels.