Ziegler announced the closing of Series 2024 bonds for Southwest Florida Retirement Center, Inc., a not-for-profit that owns/operates an entrance fee based CCRC, Village on the Isle. Ziegler has served as a strategic partner for the community since the late 1980s. Village on the Isle opened in 1982 and is situated on a 16-acre campus on the barrier island of Venice, Florida, less than one mile east of the Gulf of Mexico. The community currently comprises 234 independent living, 48 assisted living, 16 memory care and 64 health care units.
Southwest Florida will use the proceeds of the Series 2024 bonds to construct 54 new independent living units to be known as Emerald Terrace – Tides and Emerald Terrace – Islands, as well as construct a new wellness center to be known as The Core. Greystone has been engaged to serve as the development consultant for the expansion project and will also provide marketing services for the new independent living units.
The Series 2024 bonds are rated BB+ by Fitch Ratings, Inc. and are structured as tax-exempt, fixed rate bonds. They were issued on a parity with the outstanding Series 2019 bonds, the Series 2017A bonds and the Series 2016 bonds. The Series 2024A bonds in the amount of $46.225 million consist of two term bonds with a final maturity in 2060. The Series 2024B bonds in the amount of $32 million represent temporary debt that will be redeemed from the collection of entrance fees from the new independent living residents.
