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Ziegler Closes $118M Bond Issue on Redmond CCRC
Specialty investment bank Ziegler has closed the Emerald Heights $118,330,000 Series 2023 Bonds through the Washington State Housing Finance Commission. Proceeds from the bonds will be used to refinance existing debt and fund expansion of Emerald Heights, a continuing care retirement community in Redmond, WA.
Sarkis Garabedian, managing director at Ziegler, said “Emerald Heights is a premier life plan community with a strong track record of performance. It has been 10 years since Emerald Heights accessed the capital markets and they were greeted with strong investor demand, despite a volatile bond market.
“The financing was well oversubscribed with a deep book of institutional investors. Interest rates at the low end of the range, a new more flexible legal structure and favorable covenants and terms combine to make this financing a home run for Emerald Heights.”
New construction at the property will include 54 assisted living units and 42 independent living units.
- ◦Financing
