Ziegler Secures $32,453,000 Financing for Lourdes Senior Community
Ziegler has successfully closed a $32.4 million financing deal for Lourdes Senior Community in Waterford, Michigan. The funding includes $14.453 million in refunding revenue bonds and $18 million in bank draw down bonds to refinance existing debt from 2019 and finance the construction of a new independent living building with 60 units. Lourdes Senior Community is a not-for-profit senior care provider offering services ranging from independent living to skilled nursing. The financing was structured as tax-exempt direct placement with WesBanco, featuring a full interest rate swap hedge. Ziegler served both as the placement agent and financial advisor for this transaction. Tom Meyers of Ziegler highlighted that despite market volatility and uncertain rates, Lourdes secured favorable terms due to its strong management team. Rich Acho from Lourdes expressed excitement about expanding their services with new construction set to begin soon.
Topics: bond issuance financing nonprofit organization senior living