Ziegler Arranges $24.4M Bond Financing for 506-Unit Eliza Jennings Portfolio in Ohio

by Jeff Shaw

OLMSTEAD FALLS, WESTLAKE and CLEVELAND, Ohio — Ziegler has arranged $24.4 million in bond financing for Eliza Jennings, a nonprofit owner with three campuses in the greater Cleveland area.

The Renaissance, located on 88 acres in Olmsted Falls, opened its facilities in 1989 and features a total of 314 units of senior living and care. The Devon Oaks campus was established in 2000 and operates a 66-unit assisted living facility (12 designated for memory care) in Westlake. Eliza Jennings Home was originally established in 1888, incorporated in 1922, and owns and operates a 126-bed residential and licensed skilled nursing home in the City of Cleveland.

The financing consists of a mix of tax-exempt, fixed-rate bonds structured to achieve level debt service with a 20-year final maturity, along with directly placed, variable-rate bonds through a local Ohio bank.

As a result of the financing, the new bonds are Eliza Jennings’ only outstanding debt. Ziegler worked closely with Eliza Jennings’ financial advisor, Roberts Consulting LLC.

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