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California  + Bay Area  + Finance  | 
Ziegler closed a $61.3-million bond issue to finance Aldersly Garden Retirement Community in San Rafael, California

Ziegler Provides $61M Bond Financing on San Rafael Senior Living

Ziegler, a Chicago-based investment bank specializing in the not-for-profit senior living sector, has closed the $61.3-million Aldersly Series 2023 Bonds. Aldersly owns a life plan community called Aldersly Garden Retirement Community in San Rafael.

The borrower will use the proceeds of the bonds, together with an equity contribution, to fund the construction of a 35-unit residential care facility consisting of larger, more marketable apartments, additional common areas and more parking; refinance the existing Series 2015A bonds; fund approximately 26 months of capitalized interest; fund debt service reserve funds; (v) pay a bond insurance premium; and (vi) pay certain costs of issuance.

The Series 2023 Bonds are rated “AA-” by Standard & Poor’s based on credit enhancement provided by the Cal-Mortgage Loan Insurance Program. The bonds were issued through the California Municipal Finance Authority and amortize over a 30-year period. The bonds were issued with a seven-year call at 103, declining to par in 2032.


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
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