Florida CCRC Secures Bond Debt

A not-for-profit CCRC in Lakeland, Florida is now able to further its mission and strategic plans thanks to $32.8 million in bond financing placed by Ziegler. Approximately $18 million of the community’s outstanding Series 2008 bonds had become callable, and the property also wanted to finance about $17.4 million in future capital expenditures. So, working with the not-for-profit client for the first time, Ziegler stepped in to secure a low interest rate and reduce their annual debt service.

This community was originally built in 1986 and currently operates 337 independent living, 49 assisted living and 72 skilled nursing units on its campus. All of its health care units, which maintain a four-star rating from CMS, are certified for Medicare, Medicaid and managed care.

 

 

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