Ziegler announced the closing of Convivial St. Petersburg, LLC’s Series 2024 revenue bond anticipation notes. The Series 2024 notes are comprised of $23.4 million of tax-exempt Series 2024A notes sold publicly to institutional investors and a total of $6 million of subordinate tax-exempt and taxable notes purchased by an affiliate of the developer and manager of the project. Convivial will use the proceeds of the Series 2024 notes to fund the land acquisition, certain pre-development expenditures and marketing costs of a planned CCRC on 5.27 acres in St. Petersburg, Florida.
The CCRC is anticipated to consist of two residential buildings with 170 independent living units, 48 assisted living/memory care units as well as common areas and administrative and support spaces. The community will feature a variety of resort-style amenities. Residents that pay an entrance fee and enter into a continuing care agreement will have priority access to licensed nursing care with the community’s off-site preferred provider.
LifeStar Development St. Petersburg, LLC has been engaged by Convivial to serve as the development consultant to manage and coordinate the planning, design, construction and completion of the community. In addition, under the development agreement, LifeStar will serve as the marketing consultant for the community.
It is currently anticipated that financing for the construction of the community will occur in early 2026. The current plan of finance approximates $250 million and consists of a combination of temporary debt to be redeemed with a portion of initial entrance fees from independent living residents after establishing certain reserves and working capital amounts; and long-term debt to be amortized over the anticipated economic life of the community.
Upon the community’s completion, Convivial anticipates an affiliate of LifeStar will be engaged to provide management services for the community. LifeStar already received 30 deposits for the independent living units. Affiliates of LifeStar currently provide management services to The Cabana at Jensen Dunes in Jensen Beach and Jacaranda Trace in Venice, both of which are Florida senior living campuses and affiliates of the borrower.
