CHICAGO, July 29,
2024 /PRNewswire-PRWeb/ -- Ziegler, a national
boutique investment bank, is pleased to announce the successful
closing of the Series 2024A/B Bonds for the benefit of Shell Point
Retirement Community. The Christian and Missionary Alliance
Foundation, Inc., d/b/a Shell Point Retirement Community
("Shell Point"), is a nonprofit, faith-based ministry founded by
The Christian and Missionary Alliance denomination in 1968.
Located in Fort Myers, Florida, Shell Point currently consists of
1,334 independent living units, 356 assisted living units, and 180
skilled nursing beds located in seven distinctive neighborhoods:
The Island, Palm Acres, The Woodlands, Eagles Preserve, The
Enclave, The Estuary and Waterside, as well as, a wide array of
home styles, resort amenities, and convenient services. The life
plan community is located on 700 acres situated along the
Caloosahatchee River in Fort Myers,
Florida and just minutes from Sanibel and Captiva Islands.
Shell Point will use the proceeds of the Series 2024A/B Bonds to
construct 58 independent living units to be known as Vista Cay
in the Island neighborhood. The Vista Cay residences will be
located in a 14-story building with river and gulf views on a
11.6-acre site. The first and second living floors are planned to
include 11 loft apartments, the third through ninth living floors
are planned to include conventional midrise apartments and the
tenth through twelfth living floors are planned to include four
penthouse apartments each. The first living floor also includes
amenities including a gathering room, a catering kitchen and an
outdoor terrace.
The building includes a 2-story ground level parking podium that
will provide approximately 117 parking spaces and 59 golf cart
spaces for its residents. Vista Cay will further expand the
choice in residences across the existing community, broaden the
continuum of entrance fee pricing that Shell Point offers, and add
new monthly maintenance fees to Shell Point's operations.
The Series 2024A/B Bonds are rated BBB+ (Negative Outlook) by
S&P Global Ratings and BBB+ (Stable Outlook) by Fitch Ratings,
Inc. The Series 2024A/B Bonds are structured as tax-exempt, fixed
rate bonds and are issued on a parity with the outstanding Series
2021 Bonds, the Series 2019 Bonds, the Series 2016A Bond, and the
Series 2016B Bond.
The Series 2024A Bonds in the amount of $63,210,000 consist of two term bonds with a
final maturity in 2054. The Series 2024B Bonds in the amount of $86,850,000 represent temporary debt that will be
redeemed by Shell Point from the collection of entrance fees from
the initial Vista Cay residents.
Burke Rainey, Shell Point's Vice President of Finance and
Chief Financial Officer said, "With the completion of this
financing, Shell Point begins realizing the vision of Vista Cay.
This new collection of residences will enhance our Island
neighborhood and expand the variety of housing options available in
our community. Vista Cay represents a strong first step in our
expansion and redevelopment plans and a significant investment in
the future of Shell Point, contributing to both our community's
growth and its long-term financial stability."
Rich Scanlon, Senior Managing Director, Senior Living
Finance at Ziegler stated "Shell Point is the largest mission
driven, single-site life plan community as shown in the 2023
LeadingAge Ziegler 200. While the leader in terms of size, Shell
Point is also a leader in terms of the quality and variety of
services provided to its residents, leading to consistently high
occupancy. Ziegler has had the privilege of serving as Shell
Point's strategic partner since their first bond transaction in
1999 with 8 others that have followed. Historically, rated solely
by S&P, the Series 2024A/B Bonds also earned a BBB+ rating from
Fitch expanding the potential universe of investors which improved
pricing of the bonds. Investors understand the Shell Point value
proposition and reacted to the Series 2024 issue accordingly."
Ziegler is the nation's leading underwriter of financing for
not-for-profit senior living providers. Ziegler offers creative,
tailored solutions to its senior living clientele, including
investment banking, financial risk management, merger and
acquisition services, seed capital, FHA/HUD, capital and
strategic planning as well as senior living research, education,
and communication.
For more information about Ziegler, please visit us at
http://www.Ziegler.com.
About Ziegler:
Ziegler is a privately held, national boutique investment bank,
capital markets and proprietary investments firm. It has a unique
focus on healthcare, senior living and education sectors, as well
as general municipal and structured finance. Headquartered in
Chicago with regional and branch
offices throughout the U.S., Ziegler provides its clients with
capital raising, strategic advisory services, fixed income sales,
underwriting and trading as well as Ziegler Credit, Surveillance
and Analytics. To learn more, visit http://www.ziegler.com.
Certain comments in this news release represent forward-looking
statements made pursuant to the provisions of the Private
Securities Litigation Reform Act of 1995. This client's experience
may not be representative of the experience of other clients, nor
is it indicative of future performance or success. The
forward-looking statements are subject to a number of risks and
uncertainties, in particular, the overall financial health of the
securities industry, the strength of the healthcare sector of the
U.S. economy and the municipal securities marketplace, the ability
of the Company to underwrite and distribute securities, the market
value of mutual fund portfolios and separate account portfolios
advised by the Company, the volume of sales by its retail brokers,
the outcome of pending litigation, and the ability to attract and
retain qualified employees.
Media Contact
Christine McCarty, Ziegler,
3125966171, cmccarty@ziegler.com, www.ziegler.com
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SOURCE Ziegler