Specialty investment bank Ziegler has successfully closed the Emerald Heights $118,330,000 Series 2023 Bonds through the Washington State Housing Finance Commission. The proceeds from these bonds will be used to refinance existing debt and fund expansion of Emerald Heights – a continuing care retirement community located in Redmond, WA.
Managing Director at Ziegler Sarkis Garabedian commented on this successful bond issue: “Emerald Heights is a premier life plan community with an impressive track record of performance. It had been 10 years since they accessed the capital markets and despite volatile market conditions investor demand was strong.” He went on to say that “the financing was well oversubscribed with institutional investors showing interest; rates were at their lowest end within range as well as new more flexible legal structure combined with favorable covenants and terms making it a home run for Emerald Heights.”
The expansion project includes 54 assisted living units along with 42 independent living units being constructed at the property.
