…The Collington and Kendal organizations have been extremely successful affiliation partners and the favorable bond pricing reflects the strong management teams in both organizations. We are pleased to have aided Collington…
Chicago, IL (PRWEB)
May 16, 2017
Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $63,995,000 Series 2017 financing for Collington Episcopal Life Care Community, Inc. The Series 2017 Tax-Exempt Bonds were issued through Prince George’s County, Maryland.
Collington Episcopal Life Care Community, Inc. (Collington) is a nonstock corporation organized under the laws of the State of Maryland for not-for-profit purposes. Collington is located in Mitchellville, Maryland, in Prince George’s County. In 1982, Collington began to develop, construct and operate a continuing care retirement community. In 1988, Collington received its certification from the Maryland Department of Aging to provide services according to the provisions of its Residence and Care Agreement. Collington currently consists of 330 independent living units (145 apartments, 157 cottages & 28 villas), 65 assisted living units (includes 36 memory care) and 44 skilled nursing beds.
In 2011, Collington affiliated with The Kendal Corporation, a Pennsylvania non-profit organization. Under an Affiliation Agreement, The Kendal Corporation provides Collington with advice, expertise and support in the areas of human resources, finance, food service, information systems, public relations and marketing, education and training, fund raising and legal assistance.
Collington issued its Series 2017 Bonds to (i) currently refund bonds previously issued by Prince George’s County, Maryland, (ii) repay a construction loan from Santander Bank, N.A., (iii) finance…