Ziegler Closes 29,000,000 Financing For Kendal at Ventura

By Devon Walls.
Updated Feb 24, 2023

CHICAGO (PRWEB) February 24, 2023 - Ziegler, a specialty investment bank, is pleased to announce the successful closing of the Kendal at Ventura d/b/a Ens Verde $29,000,000 Series 2023 Bond Anticipation Notes.

Kendal at Ventura d/b/a Ens Verde (the Corporation) is a California not-for-profit public benefit corporation formed in May 2022 to construct, own and operate an entrance fee life plan community to be known as Ens Verde (the Community). Ens Verde will be constructed on approximately 21 acres in the City of Simi Valley, CA. The Community is expected to be comprised of 237 independent living units, 24 assisted living units, 24 memory support units and related amenities and common areas.

The Series 2023 Notes were issued through the California Public Finance Authority and are not rated. The Series 2023 Notes are tax-exempt and taxable fixed interest rate bonds with a final maturity of May 15, 2028. The Series 2023 Notes are expected to be refinanced on or prior to the final maturity as part of the construction financing of the Community.

The proceeds of the Series 2023 Notes will be used primarily to: (i) purchase the development site; (ii) fund preconstruction development and marketing costs of the Community; and (iii) pay certain costs of issuance.

Mary Muoz, Senior Managing Director at Ziegler, commented: To our knowledge, this is the first public bond anticipation note financing in the State of California. It has been very exciting to bring these notes to market in support of Ens Verde and this team of the San Francisco Zen Center, The Kendal Corporation, and Greenbrier Development. This team is also currently developing a sister community in the Sonoma wine country, Ens Village, which has been well-received by prospective residents, and which opens later this year. The combination of Buddhist Zen inspiration, Quaker values, environmental sustainability and gorgeous surroundings should prove to be a strong draw for the new location in Simi Valley, as it has been for the Sonoma community.

Susan OConnell, Director of Kendal at Ventura, added on behalf of the Board of Directors: Engaging the same team of Zen Center, Kendal and Greenbrier for this second Zen Inspired Senior Living offering makes such sense. And with Ziegler leading us toward another first, we know we are on the right path to create a project that offers a new paradigm for aging and speaks to the hearts and minds of the boomer generation.

Ziegler is the nations leading underwriter of financing 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 clients 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.

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