(Save the date: RealShare Apartments East comes to the Hyatt Regency Miami, Florida on February 26th, 2013)
LOS ALTOS, CA- Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that Ziegler, a specialty investment bank, has closed a $71.25 million fixed-rate, Series 2013 Bond issue for American Baptist Homes of the West's Obligated Group. Proceeds will fund a major redevelopment of the Terraces at Los Altos, ABHOW's first community, which opened in 1949 on approximately 6.3 acres here.
According to a prepared statement, proceeds of the Series 2013 Bonds will be used to pay certain costs of the redevelopment, expansion, and operation of TLA (other ABHOW funds were used for project costs up to the date of issuance of the Series 2013 Bonds), fund debt service reserve funds for each series, pay a portion of the interest on the Series 2013 Bonds during construction of the Project (approximately 36 months), and pay certain costs relating to the issuance of the Series 2013 Bonds.
The financing will support the construction and equipping of the final two phases of the project. Following its redevelopment, TLA will consist of 105 residential living units, 30 assisted living units, 16 memory support suites, and 30 skilled nursing beds.
Currently, ABHOW is the only member of the Obligated Group. ABHOW directly owns and operates seven CCRCs in California, including the Terraces at Los Altos, and through its home office, provides management services to its affiliated senior housing corporations and limited partnerships, including four additional CCRCs and over 35 low and moderate-income senior rental housing communities. ABHOW's Obligated Group is rated BBB by Standard & Poor's and BBB+ by Fitch Ratings.
ABHOW was founded in 1949 as Pilgrim Haven Home Corp. with the establishment of Pilgrim Haven retirement community in Los Altos, California (now The Terraces at Los Altos). Additions were made over the next 40 years, and today TLA has 73 residential living apartments, 14 assisted living apartments, and 65 skilled nursing beds.
The last major construction occurred on the campus in the late 1980s. Over the course of the project, 112,000 square feet of building space will be demolished, with only 21,000 square feet being retained; new buildings will comprise approximately 180,000 square feet. Construction of the first phase is underway and is estimated to be ready for occupancy in July 2013.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
