Ziegler announced on April 6 the closing of a $101,745,000 bond financing for Odd Fellows Home of California through the California Statewide Communities Development Authority.
The funding will support enhancements and expansion at two senior living communities operated by Odd Fellows Home of California, including Saratoga Retirement Community in Saratoga and The Meadows of Napa Valley in Napa. The transaction is intended to strengthen the organization’s ability to serve seniors with residential living, assisted living, and skilled nursing services.
Proceeds from the bonds will be used to fund construction projects at Saratoga Retirement Community, such as new apartments across three buildings and a cottage, an auditorium with garage parking spaces below, an exercise room, and dining room improvements. Additional funds will cover debt service reserves, capitalized interest for 30 months, and costs related to issuing the bonds. Tony Delgado, Board Chair of Odd Fellows Home of California said: “This transaction represents a significant investment in the future of our community, enabling us to enhance our campus, expand services, and ensure long-term financial sustainability. We are grateful for the confidence and collaboration of Ziegler and our partners as we continue our mission of providing exceptional care, comfort, and opportunity for our residents.”
Sarkis Garabedian, Managing Director at Ziegler said: “Executing our first financing with Odd Fellows Home of California – an organization with more than a century of impact – was especially meaningful. In a challenging market environment, the success of this transaction reflects both the strength of the organization’s standalone credit and the value of the Cal-Mortgage program’s ‘AA’ rating in broadening investor demand.” The bonds are exempt from federal and state income tax; they carry an AA- rating from S&P Ratings due to insurance provided by Cal-Mortgage Insurance program.
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Looking ahead, Ziegler describes itself as a national boutique investment bank focused on healthcare sectors including senior living facilities. The company provides clients with capital raising solutions along with strategic advisory services.
