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Ziegler Arranges $118.3M Bond Financing for Emerald Heights in Redmond, Washington

REDMOND, Wash. — Ziegler has arranged $118.3 million in bond financing for Emerald Heights, a continuing care retirement community in Redmond.

Located approximately 17 miles northeast of Seattle, the 38-acre campus consists of 333 independent living units, including both apartments and cottages, 40 licensed assisted living beds, 16 memory care units and 61 skilled nursing beds.

The bonds will be used to refinance 2013 bonds and fund an expansion project at the community. The first phase of the expansion, announced last week, will add 54 assisted living units and a sky bridge connecting the new building to the main independent living building.

The bonds will also fund a second phase, named the Courtyard Expansion, which will add 42 independent living units to the community.

“We were taking out a bank construction loan and swap for the courtyard project, refinancing 2013 bonds as well as the new money for our new assisted living project that we just broke ground on,” says Lisa Hardy, president and CEO of Emerald Communities. “All of that with a volatile market and Fitch downgrading U.S. credit a week before we priced our bonds was nerve racking to say the least.”

“It has been 10 years since Emerald Heights accessed the capital markets and they were greeted with strong investor demand, despite a volatile bond market,” adds Sarkis Garabedian, managing director at Ziegler. “The financing was well oversubscribed with a deep book of institutional investors. Interest rates at the low end of the range, a new more flexible legal structure and favorable covenants and terms combine to make this financing a home run for Emerald Heights.”

The post Ziegler Arranges $118.3M Bond Financing for Emerald Heights in Redmond, Washington appeared first on Seniors Housing Business.

Source: Senior Housing Business

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