Ziegler announced the closing of the Series 2024A/B bonds on behalf of Shell Point Retirement Community. The not-for-profit organization Christian and Missionary Alliance Foundations is doing business as Shell Point Retirement Community. Shell Point currently comprises 1,334 independent living units, 356 assisted living units and 180 skilled nursing beds in Fort Myers, Florida, on 700 acres.
Shell Point will use the proceeds of the Series 2024A/B bonds to construct 58 independent living units to be known as Vista Cay. The Vista Cay residences will be 14 stories tall on 11.6 acres. Vista Cay will further expand the choice in residences across the existing community, broaden the continuum of entrance fee pricing that Shell Points offers and add new monthly maintenance fees to Shell Point’s operations.
The Series 2024A/B bonds are rated BBB+ by S&P Global Ratings and BBB+ by Fitch Ratings. They are structured as tax-exempt, fixed rate bonds and are issued on a parity with the outstanding Series 2021 bonds, the Series 2019 bonds, the Series 2016A bond and the Series 2016B bond.
The Series 2024A bonds in the amount of $63.21 million consist of two term bonds with a final maturity in 2054. The Series 2024B bonds in the amount of $86.85 million represent temporary debt that will be redeemed by Shell Point from the collection of entrance fees from the initial Vista Cay residents.
