Wake Robin is a long-standing, valued Ziegler client, with a strong management team and stable high occupancy. Wake Robin and its residents will benefit from the new independent living units, renovation of common areas & the existing skilled nursing facility for many years…
Chicago, IL (PRWEB)
September 20, 2017
Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $67,090,000 Series 2017A-C financing for Wake Robin Corporation’s (Wake Robin), a long-standing Ziegler client.
Wake Robin, a Vermont not-for-profit corporation, was incorporated on May 16, 1984 for the purpose of developing, owning, and operating the first continuing care retirement community in Vermont. Today, Wake Robin operates a Life Plan Community located on approximately 136 acres of land in Shelburne, Vermont, which includes a Residential Facility consisting of 212 Independent Living Units and a Health Care Center consisting of 51 Skilled Nursing Units and 31 Residential Care Units.
The proceeds of the Series 2017A Fixed Rate Bonds, together with other available funds, were used to (i) refinance all of Wake Robin’s Series 2006B Bonds, (ii) finance a portion of the expansion of Wake Robin, (iii) pay the costs of issuing the Series 2017A Bonds, and (iv) fund a Debt Service Reserve Fund for the Series 2017A Bonds. The proceeds of the Series 2017B&C Bank Direct Placement Bonds, together with other available funds, were used to (i) finance the remaining portion of the expansion of Wake Robin and (ii) pay the costs of issuing the Series 2017B&C Bonds. M&T Bank was the purchaser of the Series 2017B&C Bonds, and Greenbrier Development acted as development consultant on the project.
The new money portion of the financing will be used for the construction of 38 independent living units, the renovation of the common areas & the existing skilled nursing facility, and the construction of ten new residential care units as well as six new skilled nursing units at Wake Robin. All construction and renovation initiatives are seen as necessary operational enhancements to Wake Robin in order to meet the desire of its current residents, remain an attractive destination to potential residents, and maintain the community’s status as a leader in the Vermont senior living…