CHICAGO, June 10, 2021 /PRNewswire-PRWeb/ -- Ziegler,
a specialty investment bank, is pleased to announce the successful
placement and closing of a nearly $48,000,000 financing for Tabitha Grand Island, Inc. (the "Corporation" or
"TGI"), an affiliate of Tabitha, Inc. (Tabitha), for the
construction of a new senior living community, Tabitha at Prairie
Commons, in Grand Island,
Nebraska. The financing is comprised of $33,950,000 of Series 2021AB Revenue Bonds (the
"Bonds") placed with Pinnacle Bank, a $12,000,000 Subordinate Loan (the "Subordinate
Loan") placed with Mission Investment Fund of the Evangelical
Lutheran Church in America (MIF), and a $2,035,000 tax incremental financing loan (the
"TIF Loan") provided by Pinnacle Bank.
Proceeds of the Bonds, the Subordinate Loan, and the TIF Loan,
along with other available funds, will be used to: (i) finance the
construction of Tabitha at Prairie Commons (described herein); (ii)
fund an estimated 27 months of interest on the bonds; and (iii) pay
certain costs of issuance associated with the financing.
The Corporation is a Nebraska
not-for-profit established in 2019 for the purpose of constructing
and operating Tabitha at Prairie Commons, a new senior living
community (the "Project") consisting of 81 independent living
apartments, an assisted living center with 20 assisted living units
and 20 memory care units, and a 36-bed nursing community in
Grand Island, Nebraska. The
Project site is part of a 100-acre master planned development that,
upon completion, is expected to include a hospital (already built
and operating), medical offices, apartments, retail, restaurants,
and family amenities such as bike trails and a splash pad.
Tabitha is the sponsor of the Project and the sole corporate
member of TGI. Founded in 1886, Tabitha is a purpose-focused
organization that delivers a comprehensive system of senior care
services including results-driven rehabilitation, accessible
at-home health care, innovative living communities, and
compassionate hospice services. Tabitha serves 25 Nebraska counties with offices in Lincoln, Crete, Grand
Island, and York.
Christie Hinrichs, President and
CEO of Tabitha, stated, "We are grateful for the collaboration of
so many brilliant and committed partners and thrilled to finally
get this project underway. While the pandemic was a distraction and
caused a year-long delay, we stayed the course with a fervor for
finding a way to get this accomplished. Filling gaps to serve the
needs of seniors, in the communities we are invited to serve, is
Tabitha's calling. Ziegler was instrumental in securing partners
and coordinating a complex financing for Tabitha to ensure we
delivered on our commitment to filling this need in Grand Island and the surrounding areas."
Brian Shanks, CFO of Tabitha,
stated, "COVID-19 disrupted our original plans and complicated
financial aspects of Tabitha's significant $50M project. However, Ziegler helped provide
creative solutions that ultimatelyproduced better than expected
results."
Senior Housing Partners ("SHP"), the real estate and development
division of Minnesota-based
not-for-profit Presbyterian Homes & Services ("PHS"), served as
development consultant on the Project.
"The Ziegler team did an outstanding job working through all the
details and solving a complicated financing requirement puzzle with
a creative and beneficial solution for all parties. Ziegler was an
important part of the project team from day one, provided excellent
leadership on financing matters, and we couldn't be happier with
the outcome," stated Jon Fletcher,
Vice President at SHP.
Aaron Schroeder, Director,
Ziegler Senior Living Finance stated, "When we kicked off this
financing in February 2020, none of
us could have imagined what was in store in the coming months – a
worldwide pandemic, paralyzed capital markets, the immense impact
to seniors and senior living providers – but the team that was
assembled on this financing proved to be resilient, flexible, and
undeterred. From Tabitha's Board of Directors, management, and
development teams with their unwavering belief in the project, to
the legal team that assisted in working through the complexities of
restructuring a financing plan, to the supportive financing
partners Pinnacle Bank and Mission Investment Fund, we are thrilled
to have had the opportunity to work with such a great team to help
Tabitha better serve seniors in Grand
Island."
Ziegler is one of the nation's leading underwriters of financing
for not-for-profit senior living providers. Ziegler offers
creative, tailored solutions to its senior living clientele,
including investment banking, financial risk management, merger and
acquisition services, seed capital, FHA/HUD, capital and strategic
planning as well as senior living research, education, and
communication.
For more information about Ziegler, please visit us at
http://www.ziegler.com.
About Ziegler:
Ziegler is a privately held, national boutique investment bank,
capital markets and proprietary investments firm. It has a unique
focus on healthcare, senior living and education sectors, as
well as general municipal and structured finance. Headquartered in
Chicago with regional and branch
offices throughout the U.S., Ziegler provides its clients with
capital raising, strategic advisory services, fixed income sales,
underwriting and trading as well as Ziegler Credit, Surveillance
and Analytics. To learn more, visit http://www.ziegler.com.
Certain comments in this news release represent forward-looking
statements made pursuant to the provisions of the Private
Securities Litigation Reform Act of 1995. This client's experience
may not be representative of the experience of other clients, nor
is it indicative of future performance or success. The
forward-looking statements are subject to a number of risks and
uncertainties, in particular, the overall financial health of the
securities industry, the strength of the healthcare sector of the
U.S. economy and the municipal securities marketplace, the ability
of the Company to underwrite and distribute securities, the market
value of mutual fund portfolios and separate account portfolios
advised by the Company, the volume of sales by its retail brokers,
the outcome of pending litigation, and the ability to attract and
retain qualified employees.
Media Contact
Christine McCarty, Ziegler,
3126221799, cmccarty@ziegler.com
SOURCE Ziegler