Ziegler Closes $44.725M The Hearthstone Corporation Financing
Ziegler, a specialty investment bank, is pleased to announce the successful closing of the
The Lutheran Retirement Home of
The Hearthstone will use the proceeds from the sale of the Series 2018 Bonds and other available funds to: (i) finance a portion of the construction, acquisition, development, improvement, renovation and equipping of an expansion project with respect to the corporations continuing care retirement community; (ii) refinance the Corporation's existing Series 2013 bonds in full; (iii) pay a portion of the interest on the bonds during the construction of the project; (iv) fund a debt service reserve fund; and (v) pay certain costs of issuance of the Bonds.
The project, known as Cove East, will be located immediately adjacent to Cove West, which opened in 2015.
The Bonds are non-rated and were issued with a combination of temporary and permanent series, consisting of (i)
"This was an exciting financing to work on for The Hearthstone, a long-standing client of the firm. This successful financing helps expand The Hearthstone's market position and mission within the beautiful
"My years of experience with Ziegler continues to confirm the professionalism and expertise that it takes to successfully refinance and finance. We are pleased to go forward with our plans and our partnership with Ziegler," said
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 more information about Ziegler, please visit us at http://www.Ziegler.com.
About Ziegler:
Ziegler is a privately held investment bank, capital markets and proprietary investments firm. Specializing in the healthcare, senior living and education sectors, as well as general municipal and structured finance, enables Ziegler to generate a positive impact on the clients and communities it serves. Headquartered in
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
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