Ziegler Closes $111M in Bond Financing for Construction of CCRC in Oklahoma
STILLWATER, OKLA. — Ziegler, a specialty investment bank, has arranged $111 million in tax-exempt bonds for Epworth Living at The Ranch, a continuing care retirement community (CCRC) in Stillwater, approximately 60 miles north of Oklahoma City and west of Tulsa. Local nonprofit operator Epworth Living is developing the 380,000-square-foot community on a 55-acre site near Oklahoma State University. When completed, The Ranch will consist of 114 independent living apartments, 23 independent living villas, 48 assisted living apartments, 20 memory support suites, and 40 skilled nursing beds.
The Ranch was 70.1 percent pre-leased at the time of the bond issue. The bonds will be used to fund the construction and development of the community, refinance a $6.8 million predevelopment loan, fund interest for two years, establish debt-service reserve funds and pay a portion of issuance costs. Epworth Living is contributing $2 million in equity to the financing. The Weitz Company will serve as the construction manager for the project.