Ziegler Arranges $81.4M Refinancing for Rockwood Retirement Communities in Spokane, Washington

SPOKANE, Wash. — Ziegler has placed $81.4 million in bond financing through the Washington State Housing Finance Commission on behalf of Spokane United Methodist Homes.

The borrower is the nonprofit operator of Rockwood Retirement Communities, which consists of two continuing care retirement communities (CCRCs) in Spokane — Rockwood South Hill and Rockwood at Whitworth. The communities have a combined 600 residents.

The tax-exempt, fixed-rate bonds amortize over 35 years, wrapping around existing indebtedness to result in level aggregate annual debt service.

Bond proceeds will be applied toward Phase II construction of a redevelopment project currently underway at Rockwood at Whitworth.

The first phase calls for demolition of a portion of The Manor building to be replaced by 48 new assisted living apartments and 24 new memory support apartments. The second phase included demolition of the remaining portions of The Manor building, the healthcare center, two duplexes and two courtyard homes, to construct 117 new independent living apartments, an underground parking garage and additional common and administrative areas.

Following the completion of Phase II, all existing buildings of the Whitworth community will be replaced other than the remaining 18 Courtyard Homes and four duplex units.