SARATOGA, Calif. — Specialty investment bank Ziegler has completed the closing of Odd Fellows Home of California’s $101.7 million Series 2026AB bonds through the California Statewide Communities Development Authority.
The borrower is a nonprofit public benefit corporation that owns and operates two senior living communities, located in Napa and Saratoga. The borrower’s original senior living community, situated on a 37-acre site in Saratoga, has been in operation since 1912. The property comprises 141 independent living units, 85 assisted living apartments, a 94-bed skilled nursing facility and 15 memory care beds.
Proceeds of the bonds will be used to finance an expansion at the Saratoga community. Dubbed The Saratoga Project, the expansion will add 52 apartments across three new buildings and one single-story cottage, as well as a 3,300-square-foot auditorium, 16 garage parking spaces, a 1,000-square-foot exercise room and dining room improvements. Funds will also be used for debt service reserves, paying capitalized interest on the bonds for a period of 30 months and paying certain costs associated with issuing the bonds.
The bonds include both short-term fixed-rate Series B bonds to be repaid when the property reaches roughly 80 percent occupancy and long-term fixed-rate Series A bonds that will amortize over 30 years.
“This transaction represents a significant investment in the future of our community, enabling us to enhance our campus, expand services and ensure long-term financial sustainability,” says Tony Delgado, board chair for Odd Fellows Home of California. “We are grateful for the confidence and collaboration of Ziegler and our partners as we continue our mission of providing exceptional care, comfort, and opportunity for our residents.”