Ziegler Closes $29.8 M Emerald Heights Financing

REDMOND, WA—Chicago-based Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $29,845,000 fixed-rate, Emerald Heights Series 2013 Bond issue. Eastside Retirement Association (the Borrower) is a Washington not-for-profit corporation established in 1979. Since 1992, the Borrower has owned and operated Emerald Heights (the Community), a Type A life care retirement community located in Redmond, Washington, approximately 17 miles northeast of Seattle.  

Today, Emerald Heights is comprised of a 38-acre wooded campus that includes 290 independent living apartment and cottage-style private residential units, 56 assisted living studio units (including 16 memory care units), and a 61-bed licensed skilled nursing center. The Borrower is currently implementing a phased campus improvement plan that includes the construction of a replacement fitness center, common area renovations, a new auditorium, and 43 new independent living apartments.