BILLINGS, Mt. — Specialty investment bank Ziegler has announced the closing of a $191.5 million bond financing through the Montana Facility Finance Authority on behalf of St. John’s Lutheran Ministries, doing business as St. John’s United. The Series 2026ABC Bonds are scheduled to close this month.
St. John’s United, St. John’s Foundation and Missions United, collectively comprise the Obligated Group, which owns a multi-campus senior living system located in the Billings and Laurel markets of Montana. The system features five senior living communities totaling 201 independent living units, 140 assisted living units, 72 memory care units and 88 skilled nursing beds.
The borrower will use the bond financing to fund an expansion project at the main St. John’s United campus, as well as new independent living buildings at the WyndStone campus. Funds will also be used to refinance existing debt and enable payment to SCL Health – Montana in connection with its withdrawal as a member of Missions United.