CORCORAN, Minn. — Specialty investment bank Ziegler has closed on $47 million in financing for Saint Therese of Corcoran LLC, and its sponsor, Saint Therese, for the construction of a new senior living community in Corcoran, about 30 miles northwest of Minneapolis. The financing is comprised of $18.2 million of Series 2022AB and $28.8 million of Series 2023 Senior Living Revenue Notes placed with Bremer Bank.
Proceeds of the notes, along with other available funds, will be used to finance the construction of Saint Therese of Corcoran, fund interest on the notes, and pay certain costs of issuance associated with the financing.
Saint Therese is a Catholic senior living organization originally organized in 1965 as a single-site nursing home in New Hope, Minn. Now based in St. Louis Park, Minn., Saint Therese has grown across the Minneapolis-St. Paul metropolitan area as a provider of housing and supportive services with nearly 1,000 units offering independent living, assisted living, memory care, skilled nursing, inpatient/outpatient therapy, community wellness, and other related services. Saint Therese team members annually provide services to more than a dozen senior living locations for approximately 3,250 Minnesotan seniors.
Saint Therese is the sponsor of the new senior living community, Saint Therese of Corcoran, located in Corcoran. Saint Therese has collaborated with the City of Corcoran to incorporate a senior living development on a 13-acre site within the city’s master plan for the Southeast District of Corcoran. The new senior living community will be comprised of 99 independent living apartments, 34 assisted living apartments, and 20 memory care suites. Campus-wide amenities will include convenient, casual, and restaurant-style dining; outpatient therapy and wellness areas; and indoor and outdoor social gathering spaces.
Chicago-based Ziegler is an underwriter of financings for not-for-profit senior living providers. Ziegler offers tailored solutions to its senior living clientele, including investment banking, financial risk management, merger and acquisition services, seed capital, FHA/HUD, and capital and strategic planning, as well as senior living research, education, and communication.