Ziegler, a specialty investment banking firm, is pleased to announce the successful closing of the $8,420,000 Series 2012 Bond issue for Los Angeles Oasis Christian Church (Oasis Church) in Valley Village, California.
Oasis Church began in 1984 in a home in Beverly Hills, California. Today the church has more than 2,000 people attending weekly worship services. In 1997, the church purchased and began meeting at the historic Oasis Theatre located at 5100 Wilshire Boulevard in the heart of Los Angeles. The Oasis Theatre was one of the original United Artists theatres. Many movie premiers and gala events were held here. The church sold the Oasis Theatre property on October 19, 2012, with a leaseback provision allowing the church to continue using and occupying this facility for up to eight months after the closing.
Proceeds of the 2012 Bonds were used to acquire the former Wilshire Christian Church, an approximately 0.7-acre parcel of land together with buildings and improvements located at the corner of Wilshire Boulevard and Normandie Avenue in downtown Los Angeles. The Wilshire property is located approximately 2.4 miles east of the Oasis Theatre. The Wilshire property contains an approximately 43,000 square foot worship facility that was originally built in 1925. The facility includes an 800-seat sanctuary and a 300-seat balcony, a fellowship hall, an education wing with 15 classrooms, offices, private chapel, staff lounge, and a commercial kitchen. At the Wilshire property, the church will have leased parking access for up to 1,000 spaces in a nearby commercial parking lot. Upon completion of some renovations to the Wilshire property, the church will vacate the Oasis Theatre, and the Wilshire property will become the church's worship facility.
Today, the church holds five services that impact the melting pot of ethnicities and religious backgrounds that make up the City of Los Angeles. The church reaches a young demographic with over 70% of the church being made up of people in their 20s and 30s. The church places a large focus on outreach and having a positive impact within the Los Angeles and global community.
Dave Schlosser, Managing Director in Ziegler's Religion Finance practice, commented, "Oasis Christian Church has been meeting in their theatre facility since 1977 growing to over 2,000 worship attendees during that time. Space constraints at the theatre have affected their ability to grow and perform ministry. Ziegler's financing allowed the church to purchase the historic Wilshire Christian Church facility, which effectively doubled their seating capacity to 1,100. In addition, the facility includes classrooms, offices and a commercial kitchen, which will allow the church to increase its ministry programs. The church was also able to take advantage of this historic interest rate market by locking into a long-term 25-year fixed rate."
Since our first financing in 1913, Ziegler has become a recognized leader in providing creative, tailored solutions to religious and educational institutions. Focusing on multidenominational places of worship, churches, and K-12 private schools, Ziegler offers long-term, fixed-rate financing, tax-exempt financing and short-term, variable rate financing.
For more information about Ziegler Religion Finance, please visit us at http://www.Ziegler.com/Religion.
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