Press Release
FOR IMMEDIATE RELEASE
Contact:
Jerry Schoeggl, CFO
Pacific Retirement Services, Inc.
(541) 857-7681
PRS Bond Closing Secures New Capitol Lakes
Affiliate in Madison, Wisconsin
(Medford, Oregon) April 8, 2008 – Pacific Retirement Services, Inc. (PRS), a national not-for-profit leader in the Senior Living industry, announced today that a bond closing occurred on April 1, 2008, securing its affiliation with Meriter Retirement Services, a Continuing Care Retirement Community (CCRC) in Madison, Wisconsin, now known as Capitol Lakes.
The transaction was valued at approximately $43,000,000, including $10,835,000 in assumed debt. Bonds totaling $51,575,000 were issued by the Wisconsin Health and Educational Facilities Authority in three series of Variable Rate Demand Nonprofit Housing Revenue Bonds, two tax-exempt and one taxable. Letters of Credit were through KBC Bank NV, New York Branch, and Sovereign Bank, a federally chartered savings bank. The bond issue was underwritten by Cain Brothers in San Francisco.
“Meriter began renovations before the transaction and they continue,” says PRS CFO Jerry Schoeggl. “A portion of the bonds will cover the capital improvements and financing fees.”
Capitol Lakes is one of the first CCRC affiliates to be issued by the PRS Memphis office, which is headed up by Martin Satava, Jackie Woodward, and Kent Phillips.
“Capitol Lakes is downtown Madison’s only retirement community,” says PRS Executive Vice President Martin Satava. “This was an important benefit to PRS. The urban entertainment opportunities for residents, combined with campus amenities and activities, make this a very attractive and accessible retirement destination.”
To learn more about PRS, call 1-888-724-6424 or visit www.retirement.org. Capitol Lakes (formerly Meriter Retirement) is located at 333 W. Main Street, Madison, WI 53703. Call 608-283-2000 or 1-888-211-8801, or visit www.retirement.org/madison.
About Pacific Retirement Services, Inc. (PRS)
PRS is a nationally acclaimed not-for-profit corporation that develops, operates, manages and markets a growing family of 54 retirement communities and service organizations, serving approximately 2,014 employees and 4,850 seniors. PRS currently has 10 CCRCs, 25 affordable senior housing communities, and 2 managed retirement communities.
About Capitol Lakes
Capitol Lakes, formerly Meriter Retirement, offers quality Continuing Care in the urban excitement of downtown Madison. Senior living residences are beautifully appointed, with a unique selection of amenities, services, and health care, including Independent Living, Assisted Living, Special Care for memory support, and Skilled Nursing Care and Rehabilitation.
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