In California CHICAGO –
DECEMBER 5, 2024 – Ziegler, a
specialty investment bank, has closed an FHA-insured loan for the
refinance of Good Shepherd Residence in Fremont, California, an AbleLight property.
The loan was completed under the U.S. Department of Housing (HUD)
Federal Housing Administration (FHA) Section 223(f) program. The
fixed-rate, 35-year fully amortizing loan funded significant
repairs and improvements to the project which serves individuals
with intellectual and developmental disabilities.
CHICAGO, Dec. 5, 2024
/PRNewswire-PRWeb/ -- Ziegler, a specialty investment bank, has
closed an FHA-insured loan for the refinance of Good Shepherd
Residence in Fremont, California,
an AbleLight property. The loan was completed under the U.S.
Department of Housing (HUD) Federal Housing Administration (FHA)
Section 223(f) program. The fixed-rate, 35-year fully amortizing
loan funded significant repairs and improvements to the project
which serves individuals with intellectual and developmental
disabilities.
Ziegler is honored to partner with
AbleLight to provide financing for Good Shepherd Residence which
serves such an important role in the community," said Lindsay Konkel, President of Ziegler Financing
Corporation.
Good Shepherd Residence was originally financed and constructed
using a HUD 202 Direct Loan in 1983. It was built for the purpose
of providing low-income individuals with developmental disabilities
with housing facilities and services designed to meet their special
needs and to promote their health, security, happiness and
usefulness. The refinancing allowed the borrower, AbleLight, to
leverage the property up to 80% loan to value, funding needed
renovations of the buildings and significant capital to reinvest in
programs. Additionally, in conjunction with the refinance, Ziegler
assisted the borrower in obtaining a mark-up to market rent
increase and an extension to the HAP Contract increasing cash flow
to the project overall.
AbleLight is a national leader in providing residential living
and support services, promoting awareness, and advocating for
people with developmental disabilities. AbleLight, operates in
twelve states across the nation. Brian
Savoie Chief Financial Officer of AbleLight noted, "This
renovation will ensure the provision of high-quality, affordable
homes for people with developmental disabilities – in one of the
most beautiful areas of the country, where the high cost of living
makes it particularly difficult for them to find adequate housing,
AbleLight will use the cash proceeds to reinvest in and expand
programs that positively impact people with developmental
disabilities."
The refinance took the dedicated efforts of many stakeholders to
complete. "Ziegler is honored to partner with AbleLight to provide
financing for Good Shepherd Residence which serves such an
important role in the community," said Lindsay Konkel, President of Ziegler Financing
Corporation. "At Good Shepherd Residence, and across the country,
AbleLight is truly a leader in providing services that empower
people with developmental disabilities."
Ziegler's Senior Housing & Care Finance practice is focused
on delivering best-in-class advisory and financing solutions for
companies and organizations across the healthcare industry. In our
core practice areas of healthcare services, information technology,
hospitals and senior living, Ziegler is one of the most active
M&A firms offering innovative sell-side, buy-side,
recapitalization / restructuring, equity private placement and
strategic partnering services.
For more information about Ziegler, please visit us at
http://www.ziegler.com. For more information about AbleLight,
please visit http://www.ablelight.org.
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, cmccarty@ziegler.com, www.ziegler.com
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SOURCE Ziegler