SKOKIE, Ill. — Ziegler, a specialty investment bank, has arranged two financings totaling over $135 million for Covenant Retirement Communities (CRC), a Skokie-based nonprofit owner and operator of continuing care retirement communities (CCRCs).
CRC owns and operates 14 communities in eight states (four in California, four in Illinois, one in Colorado, one in Connecticut, one in Florida, one in Michigan, one in Minnesota, and one in Washington). As of December 31, CRC’s managed 4,769 units, comprised of 3,065 independent living units, 755 assisted living units, and 949 skilled nursing beds.
The financing from Ziegler includes $112.8 million of fixed-rate refunding bonds and $22.3 million of variable-rate refunding bonds. Proceeds of the bonds, together with trustee-held funds, were used to advance refund CRC’s outstanding 2005 bonds in the amount of $118.1 million, fund a debt service reserve fund, and pay some costs of issuance.