Ziegler Closes $5.9 Million Revenue Bond Financing for SilverLakes Equestrian & Sports Park in NORC
Ziegler, a specialty investment bank, is pleased to announce the successful closing of a $5,900,000 fixed-rate financing for the SilverLakes Equestrian and Sports Park (SilverLakes), issued through the California Public Finance Authority. SilverLakes, located in Norco, California, is a state-of-the-art facility designed to cater to the youth sports market, with a primary emphasis on youth soccer.
“I am pleased Ziegler was able to help facilitate the raising of funds for this very important and highly visible Southern California project, which would never have come to fruition without the dedication and long-term commitment of Mr. Brandes and Ms. Ross, along with the ingenuity and foresight of RPM as the investor," said John Solarczyk, Managing Director at Ziegler. "As a parent myself, I expect to be at SilverLakes often in the future to watch my own children play in tournaments at this first-rate facility, which is only a relatively short drive, by Southern California standards, from anywhere in Riverside, Los Angeles or Orange Counties."
Ziegler underwrote and sold the Bonds to RPM Capital Management, LLC (RPM) of Greenwich, Connecticut. The Bonds were issued to allow the development on the property of a permanent restaurant building, concert facilities and a large, high definition freeway sign along the I-15. The property was developed in 2015 from proceeds of a $20 million bond, also purchased by RPM. “This dynamic project is a welcome addition to our portfolio and compliments our overall investment strategy,” says Michele Newland, RPM’s Founder and Chief Investment Officer.
Ultimately, SilverLakes is expected to have 24 full-size soccer fields, 1,500 horse stable capacity, a lit stadium field with 5,000 seat capacity (which will be home to the Center of Excellence, a proposed soccer educational and training center), recreational vehicle parking, a 315,000 square foot multiuse building, a pedestrian mall, an 11,000 square foot building to house concessions, food preparation space, office space and a maintenance building.
SilverLakes is managed by an expert team headed by Richard J. “R.J.” Brandes as Chief Executive Officer, Josh Hodges as Director of Sports, and Rebecca B. Ross as Chief Financial Officer/Chief Operating Officer. The team has extensive experience in managing sports and equestrian facilities in Southern California.
As stated enthusiastically by Mr. Brandes, “SilverLakes is a game changer. There are close to 18 million people living within short distance of the park. No other Southern California facility can come close to offering what we have in terms of fields, both quality and quantity, and first class amenities. I am proud to have staked my personal legacy on this very exciting and vital project, which I feel will be the destination spot for soccer and beyond for many years into the future.”
With over 100 years of raising capital for communities, Ziegler is a recognized leader in the bond market throughout the U.S. We continue that tradition with our dedicated services to education, healthcare, senior living, and municipal government clients. Ziegler provides its clients with capital for financing new construction, refinancing existing debt or advising on future developments.
For further information on the structure and use of this issue, please see the Limited Offering Memorandum located on the Electronic Municipal Market Access system's Document Archive.
For more information about Ziegler, please visit us at http://www.Ziegler.com.