January 17, 2018
CHICAGO–Ziegler, a specialty investment bank, has announced the successful closing of the $70,210,000 Series 2017 Bonds for The Beatitudes Campus Project.
The Beatitudes Campus is a continuing care retirement community on approximately 27 acres in north central Phoenix, Arizona. The community comprises a total of 651 residences/beds, including 188 entrance fee independent living apartments, 11 entrance fee independent living patio homes, 259 rental independent living apartments, 92 traditional assisted living units, 29 early stage memory care assisted living beds and 72 skilled nursing beds.
Beatitudes will use the proceeds of the Bonds, together with certain other moneys, to: refund the $64,615,000 outstanding Series 2006 Bonds; finance approximately $6.3 million of pre-development costs relating to their ongoing master planning efforts; fund a debt service reserve fund; and pay certain costs of issuance of the Bonds.
“We are incredibly grateful to Mary Muñoz and the Ziegler team for their creativity and assistance in navigating the complexities of the bond process. This refinancing puts us on stronger footing as we finalize our plans to expand our mission of service in the Phoenix community,” said Michelle Just, president and CEO.
“It has been exciting to be part of helping the Beatitudes Campus take its community offerings to the next level,” added Mary Muñoz, managing director in Ziegler’s senior living practice. “The Beatitudes has an outstanding reputation in the greater Phoenix area, and the continued redevelopment of the community will allow this organization to serve more seniors with high quality services, including a nationally-recognized memory care program.”