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.

The Series 2013 Bonds, along with other available funds, are being issued to (i) refund outstanding Series 2003 Bonds, (ii) fund a debt service reserve, and (iii) pay certain costs of issuance. Concurrent with the refinancing, Fitch Ratings assigned the Borrower an “A minus” investment grade rating with a stable outlook. The $29,845,000 Series 2013 Bonds are comprised entirely of “A minus” fixed-rate bonds.

Mary Muñoz, Managing Director in Ziegler’s Senior Living practice, stated, “Emerald Heights is one of the highest-rated retirement communities in the country, a testament to its prime location, beautiful campus and physical plant, a highly invested Board and a very solid management team. Locking in this layer of capital in today’s low-rate environment positions the organization well to take its next steps. Ziegler is pleased to partner with Emerald Heights as the organization seeks to grow and serve additional seniors.” 

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.

For further information on the structure and use of this issue, please see the Official Statement located on the Electronic Municipal Market Access system’s Document Archive.

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