Chicago-based specialty investment bank Ziegler announced the closing of $30 million in bonds for Life Care Ponte Vedra, Inc., d/b/a Vicar’s Landing, to help finance a Phase II expansion. Built in 1983, the community comprises 227 independent living units, 38 assisted living units and 60 skilled nursing beds (30 Medicare certified) on 24.3 acres within Sawgrass, a 4,800-acre private resort and residential community in Ponte Vedra Beach (Jacksonville MSA) that includes the TPC Sawgrass golf course. Vicar’s Landing is currently undergoing a multi-phased expansion less than one mile from its current campus, known as Vicar’s Landing at Oak Bridge. The project involves the acquisition, site preparation, construction and equipping of certain capital improvements to the community in phases.
Phase I of the project, funded with series 2021A bonds, series 2021B bonds and line of credit, included the construction of 109 independent living units (43 cottages and two apartment buildings), a clubhouse and a gatehouse.
Phase II of the project is being funded via the series 2022 bonds and consists of constructing an additional 33 independent living units in one additional apartment building. Future phases are expected to include an additional apartment building of 33 independent living units as well as 60 new assisted living units (18 of which will be for memory care) in two buildings. The clubhouse and certain cottages of the first phase are now available for occupancy, and move-ins began in late August. The rest of Phase I will be open for occupancy by early 2023.
The series 2022 bonds, issued through the St. John’s County Industrial Development Authority, are draw down bonds directly placed to Hancock Whitney Bank. They will also be used to fund a debt service reserve fund, fund capitalized interest and pay the cost of issuance.
