Ziegler (ZGCO) announces the successful closing of The Summit Church financing. The Summit Church is located in Durham, North Carolina and is affiliated with the Southern Baptist Convention. Bond proceeds were used by the church to purchase the Brier Creek Campus, a 23-acre campus which includes two commercial buildings and approximately 15 acres of vacant land located on Presidential Drive near The Research Triangle Park in the heart of Raleigh-Cary and Durham metropolitan areas.
The congregation currently conducts worship at Brier Creek and at two other campus locations, with approximately 1,900 members and weekly attendance at all three campuses of approximately 4,000. The church had been leasing the Brier Creek location for operations since 2007 and last fall was presented with a unique opportunity to purchase the property outright, including a second building on the site to allow for future growth and expansion.
The church issued $11,270,000 par amount of 2010 Series Bonds. The bonds were all sold through Ziegler’s retail distribution. Scott Rolfs, Managing Director and Head of Ziegler Church & School Finance stated, “The credit crisis has made financing for churches more difficult to obtain, especially those seeking to borrow in excess of $10 million dollars for a specific project. We were very pleased that the Summit Church chose to work with Ziegler and are excited that we were able to place the entire issue with our investor base. This was a great outcome for all parties involved as Summit was able to lock-in long term rates and acquire the property at a favorable purchase price that may not have been available a few years ago.”
Ziegler has been financing churches nationwide since 1913 and has continued to do so even during the recent credit crisis. The sale of The Summit Church bonds demonstrates the continued confidence that investors have in this sector, allowing us to continue to provide access to capital and fulfilling Ziegler’s mission of advancing health, wealth and well-being through tailored financial solutions.
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