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 success: “Emerald Heights is a premier life plan community with an impressive track record of performance. It has been 10 years since they accessed the capital markets and we were pleased to see strong investor demand despite volatile bond market conditions.” He went on to say that “the financing was well oversubscribed with a deep book of institutional investors; interest rates at the low end of range combined with new more flexible legal structure and favorable covenants/terms make this financing an absolute home run for Emerald Heights.”
The expansion project includes 54 assisted living units as well as 42 independent living units being added onto their current property.
