The Florida Local Government Finance Commission is selling $231.1 million of senior living revenue bonds for the Convivial Jacaranda Project in Venice, Florida. The commission will be issuing $227.6 million in Series 2025A tax-exempt fixed rate bonds, and $3.5 million in Series 2025B taxable fixed rate bonds. The issuer will loan the proceeds of the sale of the bonds to Convivial Jacaranda Trace to finance and refinance the original debt related to the purchase of an existing senior living community, and all or a portion of costs relating to the acquisition, construction and equipping of additional independent living units and assisted living units.
Interest for the Series 2025A bonds will be payable semiannually on May 15 and November 15 of each year, beginning November 15. Interest rates and yields have not been set. The Series 2025A bonds mature from 2025 through 2059, while the Series 2025B bonds mature from 2025 through 2029.
Convivial Life is the sole member of Convivial Jacaranda Trace, and a Florida not-for-profit corporation operated exclusively for charitable purchases. The company bought the majority of the assets of an existing senior living community on June 22, 2022. Ziegler is the lead underwriter of the bond sale.
