Home Industry News Ziegler Closes $57.46MM Financing for Seattle’s Bayview Manor Homes

Ziegler Closes $57.46MM Financing for Seattle’s Bayview Manor Homes

CHICAGO, IL – AUGUST 8, 2016 – Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $57,460,000 un-rated, fixed-rate Series 2016 Bond issue for Bayview Manor Homes, doing business as Bayview, a new client to Ziegler. Bayview (the Corporation or Bayview) is a Washington not-for-profit corporation and 501(c)(3) organization that was established in 1961 to care for the elderly residents of Seattle’s Queen Anne neighborhood and beyond.

Today, Bayview owns and operates a continuing care retirement community serving more than 210 residents in its 124 independent residential apartments, 45 assisted living apartments and 50 skilled nursing home beds. Bayview also operates an intergenerational childcare center located at the community for up to 44 children.

Proceeds of the 2016 Bonds will be used to (i) finance or reimburse the Corporation for a portion of the costs of constructing and equipping additional independent living units and a two-story assisted living and memory care center; (ii) finance or reimburse the Corporation for additional capital improvements at the Community ((i) and (ii) are referred to as the Series 2016 Project); (iii) refund the Corporation’s outstanding Series 1994 Bonds; (iv) pay a portion of the interest on certain of the Bonds; (v) fund subaccounts of a Debt Service Reserve Fund corresponding to each series of the Bonds; and (vi) pay costs of issuance associated with the Bonds.

“Ziegler once again demonstrates what a valuable partner they are in the senior living financial arena. We appreciate their expertise and hard work to make this a reality for our community,” commented Mary Cordts, CEO of Bayview Retirement Community.

Sarkis Garabedian, Senior Vice President in Ziegler’s senior living practice, stated, “The Bayview project is a classic repositioning story of a long-standing, deeply-rooted senior living community finding the need to reinvest in its campus in order to meet the market demands of current and future seniors. The Board and management team were diligent in crafting a project plan to balance these demands with financial feasibility, carefully staying within its financial benchmarks that were set at the outset of the process. This was an exciting project to be a part of – one that will help Bayview continue its mission of serving seniors while cementing its position in Seattle’s historic Queen Anne neighborhood.”

Ziegler is one of the nation’s leading underwriters of financing for not-for-profit senior living providers. Ziegler offers creative, tailored solutions to its senior living clientele, including investment banking, financial risk management, merger and acquisition services, investment management, seed capital, FHA/HUD, capital and strategic planning as well as senior living research, education, and communication.

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.