WALL TOWNSHIP, N.J. — Ziegler has underwritten $114.8 million in bond financing for Springpoint Senior Living.
The borroweris a regional senior living system based in Wall Township. Originally founded in 1916 as the Presbyterian Home of the Synod of New Jersey, the company changed its name to Springpoint Senior Living in 2010. Springpoint operates eight continuing care retirement communities (CCRCs) in New Jersey and Delaware, 19 affordable housing communities, a home care agency and a continuing care at home program.
Springpoint formed a new obligated group for the refinancing, which consists of Springpoint itself, as well as six of its CCRCs, all located in New Jersey. In addition to refinancing all of the outstanding debt of the previous obligated group, the refinancing also reimbursed Springpoint for approximately $25 million in recent capital expenditures.
The fixed-rate, tax-exempt bonds were underwritten simultaneously with $85 million of taxable bank financings with two regional banks. Marathon Capital Strategies LLC provided municipal advisory services to Springpoint in connection with the transaction.
The post Ziegler Arranges $114.8M Bond Refinancing for Springpoint Senior Living appeared first on Seniors Housing Business.
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