BOULDER, Colo. — Truist has provided a $50 million refinancing for Frasier, a continuing care retirement community (CCRC) in Boulder.
The 20-acre campus is home to more than 350 residents, and is currently planning an expansion project, according to the community website.
The refinancing “will provide significant cash flow savings to allow Frasier to create additional liquidity and flexibility,” according to Truist.
Approximately $11 million of the transaction is a “Cinderella refunding,” where a prior issuance can be refunded and automatically convert its taxable debt to non-taxable debt in the future. Ziegler and Ascension Capital Enterprises played an advisory role in the deal.