Ziegler Arranges $32.5M Bond Refinancing for Christian Living Neighborhoods

by Jeff Shaw

ENGLEWOOD, Colo. — Ziegler has arranged $32.5 million in bond financing for Christian Living Neighborhoods, a nonprofit owner-operator based in Englewood.

The borrower comprises three communities in Colorado — Holly Creek, Someren Glen and Clermont Park — and is one of the largest senior living systems in Colorado with a total of 782 units, according to Ziegler.

Bond proceeds, along with other available funds, will refinance bonds from 2011 and 2012, fund $11.8 million of capital expenditures at Someren Glen, fund a deposit to the reserve fund and pay cost of issuance. The bonds will be non-rated with a 2042 maturity.

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