Ziegler Arranges $63M Loan for Baton Rouge CCRC

BATON ROUGE, La. — Ziegler, a specialty investment bank, has closed a $56.7 million tax-exempt, fixed-rate Series 2015A bond issue and a $6.6 million 2015B taxable, fixed-rate bond issue for St. James Place in Baton Rouge.

St. James Place is a Louisiana not-for-profit corporation that operates an entrance fee-based continuing care retirement community (CCRC) on a 50-acre campus approximately one mile from Louisiana State University. The community consists of 225 independent living units, 36 of which are located in one-story garden homes and patio homes.

Assisted living is comprised of 55 assisted living apartments, 40 of which are traditional assisted living units and 15 of which are secured for residents with progressing stages of dementia. Nursing care consists of 90 licensed nursing home beds, which include 64 skilled nursing beds and a 26-bed secured community for residents with more severe dementia.

When St. James Place opened in 1983, it became the first CCRC in the state of Louisiana and remains the only CCRC in Baton Rouge.

Proceeds of the Series 2015 bonds will be used to refund 2007A bonds, two outstanding bank loans, terminate an existing interest rate swap, provide reimbursement for previous capital expenditures, pre-fund certain future capital expenditures, provide for the accelerated payment of certain entrance fee refunds, fund a separate debt service reserve fund for each series of bonds, and pay the costs of issuance for the bonds.

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