Ziegler Helps Find Financing for Houston Continuing Care Communities
Ziegler has arranged $76 million in bond financing for Brazos Presbyterian Homes (BPH), a nonprofit owner-operator based in Houston.
The tax-exempt, draw-down bonds are supported by a three-bank syndicate comprised of Amegy Bank, Hancock Whitney and Trustmark.
BPH owns and operates three continuing care retirement communities in Texas: Brazos Towers at Bayou Manor in Houston, The Hallmark and Longhorn Village in Austin. The bonds will fund an expansion project at Longhorn Village, refinance bonds from 2013 and pay the costs of issuance.
The expansion project will add 48 independent living apartments to the community, all of which are pre-sold, as well as underground parking. Greenbrier Development is assisting with the development.
The bonds were issued through the California Public Finance Authority and are not rated.