Ziegler closed $29.2 million in Series 2023A and B bonds for Bishop Gadsden Episcopal Retirement Community, a not-for-profit CCRC on James Island in Charleston, South Carolina. The financing will help fund the construction of an independent living expansion on the campus and comes four years after Ziegler also helped finance the construction of a replacement health center and renovation/expansion of the campus’s assisted living portion.
Bishop Gadsden opened in 1987 on land donated by St. James Episcopal Church, and now includes 268 independent living units, 79 assisted living units, 32 memory care units, 32 post-acute skilled nursing beds, and 68 long-term care beds on 125 acres. The to-be-built 15-unit independent living neighborhood, known as The Meade, will range in square footage from 1,800 to 2,400.
Issued through the South Carolina Jobs – Economic Development Authority, the bonds were structured in two tranches. There was a $17.2 million draw down, bank-held “A” bond with a 12-year commitment and an accreting swap to mitigate interest rate risk. And the $12 million draw down, bank-held bond will be repaid with initial entrance fees from the project.
