DES MOINES, Iowa, Aug. 20, 2015 (GLOBE NEWSWIRE) -- LCS Development™, An LCS Company, successfully assisted Emerald Communities with closing $145,055,000 bond financing for Heron's Key, a not-for-profit continuing care retirement community in Gig Harbor, Washington. The closing milestone was reached ahead of the forecasted funding schedule, which was originally slated for late spring 2016.
"We worked with a strong team that enabled us to exceed our milestone" says Jason Jorgenson, senior project manager for LCS Development. "The combination of the strong reputation and leadership at Emerald Communities along with the investment banking expertise of Ziegler was instrumental in reaching this milestone, and LCS is most appreciative for the opportunity to be part of such a great team."
LCS Development is responsible for the marketing, sales and fill-up of the new community, which is expected to be over 90% reserved upon opening in early 2017. LCS Development supported Emerald Communities in marketing, reaching 70% reserved in 20 months when financing was closed. The community averaged 6.5 sales per month following a 13 month priority sales period while final plans and pricing were being developed.
Heron's Key is a not-for-profit community that will be comprised of 194 independent living units, 36 assisted living units, and 45 skilled nursing units. The site, zoning and design allow for a future Phase II construction of an additional 88 independent living units and 32 memory care assisted living units. The community will be developed on a 17.97-acre landscaped and wooded park-like setting in the Harbor Hill area of Gig Harbor, Washington. Independent living units consist of both apartments and cottages, ranging in size from 729 – 1,800 square feet. Landscaped courtyards adjoin the living areas. Assisted living units will be approximately 522 square feet.
According to The Ziegler Companies, Inc., a privately held, specialty investment bank that assisted with the transaction, the Corporation will use the Series 2015 Bond proceeds to: (i) finance or reimburse the Corporation for a portion of the costs of the Project; (ii) pay and discharge all or a portion of the Pre-Finance Indebtedness; (iii) pay a portion of the interest on the Bonds; (iv) fund subaccounts of a Debt Service Reserve Fund corresponding to each series of the Series 2015 Bonds; and (v) pay certain costs associated with the issuance of the Bonds.
For further information on the structure and use of this issue, please see the Official Statement located on the Electronic Municipal Market Access system's Document Archive.
For more information about LCS Development visit lcsdevelopmentLCS.com.
About LCS®
Based in Des Moines, Iowa, and established in 1971, LCS is a leading provider of high-quality senior lifestyle products and services. The LCS Family of Companies provide development, management, marketing and sales, and strategic planning for continuing care retirement communities (CCRC), stand-alone assisted living, memory care, and rental communities nationwide. The company also provides in-home care, insurance, and national purchasing consulting services. The companies of LCS serve thousands of seniors across the nation. LCS is an equal opportunity employer hiring skilled and professional employees to better serve the customer. For more information, visit LCSnet.com.