Ziegler Secures $13.3M Financing for Bayview Retirement Community's Revitalization

Ziegler, a leading specialty investment bank, has successfully closed a $13.285 million Series 2024 Bonds offering for Bayview Manor Homes, a renowned continuing care retirement community in Seattle, Washington. The financing will enable Bayview to undertake critical infrastructure upgrades and strategic development initiatives, solidifying its position as a premier senior living provider in the region.

Transforming Bayview: A Commitment to Excellence

Bayview Manor Homes: A Legacy of Care

Bayview Manor Homes, a nonprofit 501(c)(3) organization, has been a pillar of the Seattle community since its establishment in 1961. The organization's mission is to provide exceptional care and support for the elderly residents of the Queen Anne neighborhood and beyond. Bayview operates a thriving continuing care retirement community, offering 133 independent living apartments and 44 assisted living units, including 10 memory care units. Additionally, the community hosts an intergenerational childcare center, fostering a unique and enriching environment for both its senior and younger residents.

Reinvesting in the Future: The Series 2024 Bonds

The Series 2024 Bonds, issued through the Washington State Housing Finance Commission, will enable Bayview to undertake a comprehensive revitalization project. The proceeds from the bonds, along with other available funds, will be used to finance the installation of new exterior windows across the majority of the community, improvements to unit balconies, and the funding of predevelopment costs for future expansion plans. Additionally, the funds will be allocated towards routine capital improvements, ensuring Bayview's facilities remain modern and well-maintained.

Ziegler's Expertise Drives Favorable Financing Terms

Ziegler, the nation's leading underwriter of financings for not-for-profit senior living providers, played a pivotal role in securing the successful closing of the Series 2024 Bonds. Daren Bell, Director of Ziegler Senior Living Finance, highlighted the firm's deep understanding of the market and strategic insights, which enabled Bayview to secure the most favorable terms possible. The financing was structured with a 35-year final maturity, allowing Bayview to maintain a level aggregate annual debt service while wrapping around the existing Series 2016A Bonds.

Strengthening Bayview's Market Position

The strong investor demand for this offering, coupled with Ziegler's ability to secure a favorable cost of capital below 6.0%, underscores Bayview's strong reputation and market position. Nancy Weinbeck, CEO of Bayview, praised the outstanding expertise and dedication of the Ziegler team, noting that their partnership has been instrumental in Bayview's continued success and strategic reinvestment in the community.

Ziegler's Comprehensive Suite of Services

Ziegler's expertise extends beyond investment banking, offering a comprehensive suite of services to its senior living clientele. These include financial risk management, merger and acquisition advisory, seed capital, FHA/HUD financing, capital and strategic planning, as well as senior living research, education, and communication. Ziegler's holistic approach ensures that its clients, like Bayview, can navigate the complex landscape of the senior living industry and achieve their strategic objectives.