Ziegler Closes $108.8M Bond Financing for Phase II of St. Ann’s Home Renovations in Rochester, New York

ROCHESTER, N.Y. — Ziegler, a specialty investment bank, has closed $108.8 million in bond financing for continued renovations at St. Ann’s Home in Rochester.

St. Ann’s Community operates the community, along with four others. Phase I of the master-planned project is complete, which relocated 34 post-acute rehabilitation beds from the Wegman Care Center to the ninth floor of St. Ann’s Home, the largest of the company’s skilled nursing facilities.

The new bond financing will fund Phase II of the project, which will renovate floors three through eight of St. Ann’s Home and reduce the total number of skilled nursing beds by 96.

The renovation projects began in 2015.

The bonds are non-rated and were issued through the Monroe County Industrial Development Corp. with an aggregate yield to maturity of 4.3 percent on the entire issue. Ziegler was able to secure aggressive call provisions on behalf of St. Ann’s Community, with the bonds callable in six years at a price of 103 percent declining to par in nine years.