Ziegler announced the closing of the Series 2024C bonds for The Christian and Missionary Alliance Foundation, d/b/a Shell Point Retirement Community. Shell Point currently comprises 1,334 independent living units, 356 assisted living units and 180 skilled nursing beds on 700 acres in Fort Myers, Florida, across seven neighborhoods: The Island, Palm Acres, The Woodlands, Eagles Preserve, The Enclave, The Estuary and Waterside.
Shell Point will use the proceeds of the Series 2024C bonds, together with other funds, to construct a “Town Center” for the community in the Island neighborhood. It will be used to house Shell Point’s administration building and its current Island amenities, as well as serve as the new hurricane shelter for its IL residents.
The Series 2024C bonds are structured as tax-exempt, fixed rate bonds and are issued on a parity with the outstanding Series 2024A/B bonds, the Series 2021 bonds, the Series 2019 bonds, the Series 2016A bond and the Series 2016B bond. The Series 2024C bonds in the amount of $98.675 million consist of two term bonds with a final maturity in 2054. The issuance of the Series 2024C bonds follows the closing of the Series 2024A/B bonds in July of 2024. The proceeds of the Series 2024A/B bonds in the aggregate amount of $150.06 million are being used to fund the construction of 58 IL units to be known as Vista Cay in the Island neighborhood. Vista Cay will be a 14-story building with river and guild views on a 11.6-acre side.
The Series 2024 bond financings are structured into two separate tranches with low interest rates on the second tranche, which represents the majority of the long-term borrowings for the Island redevelopment and expansion project. Shell Point is the largest mission-driven, single-site CCRC as shown in the 2024 LeadingAge Ziegler 200. Ziegler has served as Shell Point’s strategic partner since its first bond transaction in 1999 with eight others that have followed.
