CHICAGO, Jan. 6, 2025 /PRNewswire-PRWeb/ -- Ziegler is pleased to announce the successful closing of Sun Health Services Obligated Group's (Sun Health) $56,750,000 Taxable Term Loan (the "Taxable Term Loan") for the Senior Living Finance practice.
Sun Health is a 501(c)(3) nonprofit corporation formed in 1966 to provide housing, health care, and other related services. Currently, Sun Health owns and operates three Life Plan Communities throughout the Phoenix area.
This transaction will fund the acquisition of Freedom Plaza, a Life Plan Community located in the West Valley of Phoenix through a newly formed Sun Health Freedom Plaza LLC. Sun Health Services will be sole corporate member of Sun Health Freedom Plaza LLC and Freedom Plaza will become a member of the Sun Health Services Obligated Group. Freedom Plaza consists of 336 independent living units, 64 assisted living units, 16 memory care units, and 76 skilled nursing beds.
In addition to the acquisition of Freedom Plaza assets and operations, Sun Health will use the proceeds of the Taxable Term Loan to: (i) purchase the land under Freedom Plaza and terminate the lease agreements; (ii) payoff an existing Obligated Group line of credit; (iii) payoff existing debt at Freedom Plaza; and (iv) fund the costs of issuance.
"We are proud of our 40-year partnership with Freedom Plaza," explained Joe LaRue, President and CEO of Sun Health. "Bringing them fully into the Sun Health family is a natural progression as we expand our mission to help people to enjoy living longer, healthier, and more purposeful lives and to provide exemplary life care services in Arizona."
"The Ziegler team worked collaboratively with our finance team and our board of directors to make sure the transaction was approved and closed on a very tight deadline," added Amy Runge, Chief Financial Officer of Sun Health. "We are grateful for their expert knowledge and customer service."
Daren Bell, Director, stated, "We are proud to have facilitated the successful financing of this acquisition, enabling Sun Health Services to expand its reach and bring a new community into its family. We value our long-standing relationship with Sun Health and are pleased to play a role in advancing the organization's mission through this financing. We look forward to seeing the positive impact this acquisition will bring to Sun Health and the community at large."
Ziegler is the nation's leading underwriter of financings for not-for-profit senior living providers. Ziegler offers creative, tailored solutions to its senior living clientele, including investment banking, financial risk management, merger and acquisition services, seed capital, FHA/HUD, capital and strategic planning as well as senior living research, education, and communication.
For more information about Ziegler, please visit us at http://www.ziegler.com.
About Ziegler:
Ziegler is a privately held, national boutique investment bank, capital markets and proprietary
investments firm. It has a unique focus on healthcare, senior living and education sectors, as
well as general municipal and structured finance. Headquartered in Chicago with regional and
branch offices throughout the U.S., Ziegler provides its clients with capital raising, strategic advisory
services, fixed income sales, underwriting and trading as well as Ziegler Credit, Surveillance and Analytics. To learn more, visit http://www.ziegler.com.
Certain comments in this news release represent forward-looking statements made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995. This client's experience may not be representative of the experience of other clients, nor is it indicative of future performance or success. The forward-looking statements are subject to a number of risks and uncertainties, in particular, the overall financial health of the securities industry, the strength of the healthcare sector of the U.S. economy and the municipal securities marketplace, the ability of the Company to underwrite and distribute securities, the market value of mutual fund portfolios and separate account portfolios advised by the Company, the volume of sales by its retail brokers, the outcome of pending litigation, and the ability to attract and retain qualified employees.
Media Contact
Christine McCarty, Ziegler, 3125961617, [email protected], www.ziegler.com
SOURCE Ziegler
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