Construction has begun on The Terraces at Bonita Springs, Fla., for a $70 million senior living community that is 80% reserved. Investment bank Ziegler announced on Thursday that is has closed a $143,120,000 non-rated, fixed-rate issue for the community.
“Start-up senior living communities are among the most difficult project financings to complete in today’s challenging capital markets environment, particularly in Florida,” said Rich Scanlon, managing director in Ziegler’s Senior Living practice, in a statement. “The completion of The Terraces financing can be attributed to a committed sponsor, a well-conceived development plan in a strong market area and an experienced, dedicated working group, the combination of which are the elements observed in successful retirement communities throughout the country.”
The Terraces will be an “Unlimited Lifecare community,” and will feature maintenance-free independent living in 144 one-, two-, and three-bedroom apartment homes. The community will also provide lifetime access to on-site health care, including 48 assisted living, 40 skilled nursing and 18 dedicated memory support residences.
“The immense interest we’ve experienced proves the services, amenities and lifestyle opportunities The Terraces will offer are exactly what older adults in the area are looking for,” said Troy Hart, president of the project’s sponsor SantaFe Senior Living, after thanking depositors for their commitment in regards to obtaining bond financings that allowed construction to begin.
SantaFe Senior Living is responsible for more than 700 independent and assisted living residences in Florida.
Written by Alyssa Gerace