Ziegler Finances SNF Expansion for Large Florida CCRC

A massive senior living community in Fort Myers, Florida, has plans to replace its skilled nursing facility, and just received bond financing to do it. Ziegler arranged the placement of the $81.16 million in bonds for the Obligated Group, which consists of two Florida not-for-profit organizations: The Christian and Missionary Alliance Foundation, Inc. (d/b/a Shell Point) and The Alliance Community for Retirement Living, Inc. Shell Point operates the Fort Myers campus, which includes 1,292 independent living units, 410 assisted living units and 219 skilled nursing beds spread across two locations that total 225 acres.

The campus has come a long way from the original 48 IL units built in 1968, most recently adding 23 independent living units in 2017. Its next project is to replace the existing 219-bed SNF with a 180-bed facility that would contain mostly private rooms. That’s where the bonds come in, which also established a debt service reserve fund, paid issuance costs and will fund interest for a period of 26 months.

 

 

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