Investment banking firm Ziegler just closed on a $115.63 million bond financing for a Florida CCRC called Vicar’s Landing. The not-for-profit community is located in Ponte Vedra Beach on a 24.3-acre site within Sawgrass, a 4,800-acre private resort and residential community. The community currently includes 227 independent living units, 38 assisted living units and 60 skilled nursing facilities.
The new funds will be used to pay off some existing bond debt and partially finance a new project that will be located a mile from the current campus, to be called Vicar’s Landing at Oak Bridge. The proceeds will also be used to fund a debt service reserve fund, fund capitalized interest and pay for the cost of the bond issuance. The tax-exempt bonds, rated BB+ by Fitch, came with a weighted average yield to maturity of 3.02% and were placed directly with PNC Mortgage Corporation.
The first phase of the project at Vicar’s Landing at Oak Bridge will include the construction of 109 independent living units consisting of 43 cottages and two apartment buildings with 66 units, a clubhouse and a gatehouse. The project achieved 66% presales in just six months from when it received approval to start taking deposits. We assume this was during the pandemic when providers of every type were scrambling for new residents. The CCRC market showed tremendous resilience during the pandemic, with many expansions across the country. Rob Gall of Ziegler led the team on the financing.
