Ziegler closed a large bond financing for the development of a large, luxury CCRC in Kiawah Island, South Carolina. The community, to be called Seafields at Kiawah Island, is being developed by BRP (Big Rock Partners) Senior Housing Management, a vertically integrated firm that develops and operates seniors housing communities in Florida and, now, South Carolina. BRP received $212.93 million in bond proceeds to fund the CCRC’s development as well as to refund the outstanding Series 2021 Bond Anticipation Notes. The financing also funded debt service reserves, interest and the costs of issuance.
The bonds are fixed rate bonds and will be issued through the South Carolina Jobs-Economic Development Authority. They consist of $87.125 million of long-term fixed rate bonds, and $125.805 million of tax-exempt Mandatory Paydown Securities (TEMPSSM) and taxable mandatory paydown securities (TMPSSM). Additionally, an affiliate of BRP will purchase a $3.77 million taxable Subordinate Capital Appreciation Bond.
Set on approximately eight acres, Seafields at Kiawah Island will consist of 90 independent living units and 16 assisted living units, as well as common areas and amenities including full-service dining, bar, bistro, outdoor infinity pool, fitness center, yoga, salon, physical therapy, wellness center, theater and various multipurpose rooms. Seafields is located adjacent to Freshfields Village, which is an open-air pedestrian village with a variety of stores, dining, events and entertainment located at Kiawah Island.
