CHICAGO, IL – August 30, 2012 – Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $20,410,000 Series 2012 financing for Country Manor Campus LLC (Country Manor). Country Manor is located in Sartell, near St. Cloud, Minnesota, approximately 75 miles from Minneapolis. The rental community consists of a 165-bed skilled nursing facility, a 151-unit independent living housing complex known as Country Manor Senior Apartments, and a 45-unit independent living housing complex known as Country Villa. The community is owned by Country Manor Campus LLC, the sole member of which is The Foundation for Health Care Continuums, a Tennessee not-for-profit organization incorporated in 1995.
Proceeds of the tax-exempt Series 2012A Bonds will be used to (i) refund, on a current basis, the outstanding Series 1999 and Series 2001 Bonds, (ii) fund a debt service reserve fund; and (iii) pay a portion of the costs of issuance. Proceeds of the taxable Series 2012B Bonds will be used to (i) fund remaining costs of issuance; and (ii) fund a debt service reserve fund.
Rich Scanlon, Managing Director in Ziegler’s Senior Living practice, commented, “Country Manor clearly has a long history for providing quality services to seniors in the Sartell/St. Cloud marketplace. This transaction reduces their annual debt service requirements and creates other opportunities for Country Manor to operate more efficiently and, potentially, increase the scope of services provided in the market.” As one of the nation’s leading underwriters of financing for not for- profit senior living providers, Ziegler offers 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.
For more information about Ziegler, please visit us at www.Ziegler.com.