The issuance of the Series 2013B Bonds culminates a lengthy planning and strategy process wherein Fleet Landing’s previously outstanding Series 1999/2006 Bonds were refunded in March 2013 with the proceeds of the Series 2013A Bonds.
Chicago, IL (PRWEB) October 24, 2013
Ziegler, a specialty investment bank, is pleased to announce the successful closing of the $17,610,000 tax-exempt, fixed-rate Fleet Landing Series 2013B Bond issue. Naval Continuing Care Retirement Foundation, Inc. d/b/a Fleet Landing is a Florida not-for-profit corporation that owns and operates a type-A life-care, entrance fee-based CCRC in Atlantic Beach, Florida.
The community consists of 354 independent living units, 76 assisted living units and a health center providing care to 80 residents, with 20 benefiting from memory care programs. The community is located on an 86-acre site including a seven-acre lake. Originally the community served former military officers and their spouses exclusively. In 2003, the community began serving all qualified persons including non-military residents.
Proceeds of the Series 2013B Bonds, together with other sources of funds, will be used to fund the construction of 24 assisted living/memory support units and an extensive renovation of the Health Center. Fitch Ratings have assigned a rating of BBB with a stable outlook to the issue. The Series 2013B Bonds are tax-exempt, fixed-rate bonds with deferred amortization to wrap-around the Series 2013A Bonds. The Series 2013A Bonds were issued earlier in the year to refund prior indebtedness.
Rich Scanlon, Managing Director in Ziegler’s Senior Living practice, commented, “The issuance of the Series 2013B Bonds culminates a lengthy planning and strategy process wherein Fleet Landing’s previously outstanding Series 1999/2006 Bonds were refunded in March 2013 with the proceeds of the Series 2013A Bonds, when interest rates were substantially lower than the current market, providing them with the ability to expand and reposition their health care assets by the elimination of certain covenants. The proceeds from the Series 2013B Bonds will allow Fleet Landing to improve the quality of their health care assets thereby enhancing their reputation as the quality senior living provider in the primary market area without increasing overall debt service from the aggregate Series 1999/2006 Bond levels.”
Ziegler is one of the nation’s leading underwriters 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, investment management, 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.