Investment bank Ziegler announced on Dec. 15 that it successfully closed a $12,065,000 fixed-rate bond issue for Shell Point Retirement Community, a Type-A continuing care retirement community located in Fort Myers, Fla.
The community has a “BB” rating with a stable outlook by Standard & Poor’s. The Shell Point Obligated Group consists of The Christian and Missionary Alliance Foundation, Inc., and The Alliance Community for Retirement Living, Inc., both non-profit corporations in Florida.
Shell Point Retirement Community is the largest CCRC in the state of Florida, according to Ziegler, and it is owned and operated by Shell Point.
Proceeds of the Series 2011B Bonds will be used to refund a portion of the outstanding Series 2002 variable rate demand bonds and reimburse Shell Point approximately $6 million for previous capital expenditures. It will also be used to establish a debt service reserve fund and to pay a portion of the costs of issuance.
“The capital markets reward consistency of performance and the ability to execute on plans,” said Rich Scanlon, a managing director in Ziegler’s Senior Living practice who is serving as sole manager for the Series 2011B Bonds. “The commitment and focus of Shell Point’s management allowed this community to navigate the turbulence associated with the recession and changes in the real estate market and maintain a high level of service. With oversubscription of the bonds on this issue, Shell Point was in high demand in the markets at issuance.”
Written by Alyssa Gerace
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