Ziegler has picked up its loan activity for the second week in a row, closing two large bond financings in Virginia and Florida.
Virginia United Methodist Homes of Williamsburg, dba WindsorMeade, a not-for-profit corporation in Williamsburg, Virginia, received the first of the series of bonds totaling $58.24 million. WindsorMeade operates a CCRC in Virginia, consisting of 181 independent living units, 14 assisted living units, 18 memory care units and 22 skilled nursing beds.
WindsorMeade filed for Chapter 11 bankruptcy protection in 2013 following liquidity and occupancy challenges, but since the restructuring its overall performance has improved. The current refinancing package include tax-exempt fixed rate bonds and a taxable loan directly placed with Truist. Proceeds of the bonds will refinance existing debt obligations, finance $3 million in capital expenditures, fund a debt service reserve fund and fund the cost of an interest rate cap.
Mayflower Retirement Center, a not-for-profit organization formed in 1973, received the second of the series of bonds. The Mayflower owns and operates Mayflower Retirement Community, a CCRC in Winter Park, Florida consisting of 220 independent living units, 28 IL villas, 31 private assisted living units, with 15 used for memory care, and 60 skilled nursing beds. The community will receive $80 million in bonds to pursue a repositioning of its campus.
Phase I of the expansion project was financed with $60 million of bonds in November 2020. This phase includes the construction of a new health care center consisting of 24 private memory care suites and 60 skilled nursing rooms. Phase II will be financed with the new $80 million bond, and will contain 50 new independent living units, a clubhouse providing dining and social spaces, and the transformation of existing skilled nursing beds into 21 assisted living units. Sawgrass Partners, LLC, is serving as the development consultant for the repositioning.
