Ziegler closed a $16.645 million bond series for Oak Hammock at the University of Florida, Inc. (Oak Hammock), a not-for-profit corporation formed in 1998 to own and operate a large CCRC in Gainesville, Florida. The 135-acre campus consists of 269 independent living units, 46 assisted living units, 24 memory support units and 73 skilled nursing beds. All of the skilled nursing beds are Medicare certified and currently maintain a five-star CMS rating.
The proceeds of the Series 2021 bonds will be used, together with other available funds, to refinance outstanding Series 2017B Notes, finance approximately $1.876 million of capital expenditures, and fund a debt service reserve fund.
The 2021 bonds will be followed by $39.0 million of Series 2022 bonds slated for forward delivery on July 6, 2022, which will be used to refinance outstanding Series 2012A bonds. In the end, the transactions will result in a $1.1 million annual reduction in Oak Hammock’s aggregate annual debt service.
