Ziegler closed $124.8 million in Series 2021A/B fixed-rate bonds and $45,800,000 in Series 2021C Direct Bank Bonds for an Atlanta, Georgia-area CCRC.
Opened in the early 1960s, Canterbury Court is a CCRC located in the Buckhead-Brookhaven neighborhood. It was started by the All Saints Episcopal Church and St. Luke’s Episcopal Church when they noticed a need for “persons of mature years to live in comfort, with a secure future.” Since opening its doors in 1965, Canterbury Court has grown to include 187 independent living units, 18 personal care (assisted living) units and 42 skilled nursing beds.
It is undergoing a major expansion project that will replace the existing healthcare facilities, resulting in 42 assisted living units, 21 memory care units and 40 private SNF beds. Additionally, Phase I of the project includes 105 new independent living units to be constructed in a new 10-story tower.
When Phase I is completed, Canterbury Court will convert the old personal care and nursing beds into 28 new independent living units. Additionally, Phase II includes the renovation and expansion of common areas including the dining areas. JLL is serving as the Project Manager and Greystone as the Project Advisory Consultant.
Proceeds of the Series 2021 bonds will be used, together with other available funds, to finance the project, fund separate debt service reserve fund accounts, and pay for a portion of interest. The $113.8 Series 2021A Bonds are non-rated with a final maturity of 35 years with a wrapped debt service structure, resulting in a weighted average maturity of 23.7 years and an overall yield to maturity of 3.63%. The $11 million Series 2021B TEMPS-80SM Bonds have a final maturity of seven years at a rate of 2.25% and are expected to be repaid with initial entrance fees from the project. The $45.8 million Series 2021C Direct Bank Bonds are draw-down bonds that will be purchased by STI Institutional & Government, Inc. and Truist Bank with a final maturity of seven years and are also expected to be repaid with initial entrance fees from the project.
