Ziegler, a specialty investment bank, is pleased to announce the successful closing of the PRS Pacific Northwest Obligated Group Series 2025AB Bonds (the “Bonds”) issued through the Oregon Facilities Authority.
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The Proceeds of the Bonds, together with other available funds, will be used to fund the construction of the Cascade Manor Project, a 29-unit independent living expansion, fund a portion of interest during construction, and fund certain costs of issuing the Bonds. The Bonds are secured by a pledge of gross revenues and real estate of the four Obligated Group communities located in Oregon and Washington.
Cascade Manor, Inc. (Cascade Manor) is a 501(c)(3) not-for-profit corporation operating the premier Life Plan Community in Eugene, Oregon. Cascade Manor is dedicated to enriching the lives of seniors and provides housing, health care, and other related services. Since becoming an affiliate of PRS in 1996, Cascade Manor has undergone a 50-unit campus expansion and numerous campus improvements including a state-of-the-art fitness center, indoor pool and spa.
Ziegler served as placement agent to structure and place the Bonds with Truist Bank. The Bonds are structured as floating rate with a draw-down feature to limit interest expense during the construction period. To help mitigate interest rate risk, PRS worked with Ziegler Structured Products to implement a hedging strategy for a portion of the Bonds.
Diana Jamison, Chief Financial Officer at PRS stated, “Successfully financing the 29 Independent Living unit expansion for seniors was a true testament to the power of collaboration and shared goals. Working alongside Ziegler as the placement agent and Truist as the financial partner, we were able to come together and create a solution that met the needs of this important project. This partnership allowed us to secure the funding required to expand quality living options for seniors, and it underscores our commitment to creating long-term value in communities through thoughtful, strategic financing.”
Sarkis Garabedian, Managing Director in Ziegler's Senior Living Finance Practice added, “We are honored to once again partner with PRS as they expand their Eugene campus to meet the growing needs of their community. This project reflects both a thoughtful approach to growth and a long-term commitment to providing high-quality services in Oregon. Our Ziegler team takes pride in supporting clients like PRS, where trusted relationships and sustainable financing solutions come together to advance their mission.”
Ziegler is the nation's leading underwriter of financings 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, seed capital, FHA/HUD, capital and strategic planning as well as senior living research, education, and communication.
For more information about Ziegler, please visit us at www.ziegler.com.
About Ziegler:Ziegler is a privately held, national boutique investment bank, capital markets and proprietaryinvestments firm. It has a unique focus on healthcare, senior living and education sectors, aswell as general municipal and structured finance. Headquartered in Chicago with regional andbranch offices throughout the U.S., Ziegler provides its clients with capital raising, strategic advisoryservices, fixed income sales, underwriting and trading as well as Ziegler Credit, Surveillance and Analytics. To learn more, visit www.ziegler.com.
Certain comments in this news release represent forward-looking statements made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995. This client's experience may not be representative of the experience of other clients, nor is it indicative of future performance or success. The forward-looking statements are subject to a number of risks and uncertainties, in particular, the overall financial health of the securities industry, the strength of the healthcare sector of the U.S. economy and the municipal securities marketplace, the ability of the Company to underwrite and distribute securities, the market value of mutual fund portfolios and separate account portfolios advised by the Company, the volume of sales by its retail brokers, the outcome of pending litigation, and the ability to attract and retain qualified employees.
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SOURCE B. C. Ziegler and Company
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