California Statewide Communities preps $72.72 million of revenue bonds

By Sheri Kasprzak

New York, Aug. 16 - The California Statewide Communities Development Authority plans to price $72,715,000 of series 2012 revenue bonds for the Terraces at San Joaquin Gardens, according to a preliminary official statement.

The bonds will be sold on a negotiated basis with Ziegler Capital Markets LLC as the underwriter.

The offering includes $49,365,000 of series 2012A bonds, $9,475,000 of series 2012B-1 tax-exempt mandatory paydown securities and $13,875,000 of series 2012B-2 tax-exempt mandatory paydown securities.

The 2012A bonds have a final maturity in 2042, but the other maturities have not been set. The 2012B-1 bonds are due Oct. 1, 2019, and the 2012B-2 bonds are due Oct. 1, 2018.

Proceeds will be loaned to the Terraces at San Joaquin Gardens to reimburse the corporation for the construction, acquisition, equipment and renovation of senior living communities in Fresno, Calif.

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