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PONTE VEDRA BEACH, Fla. — HJ Sims, a Connecticut-based investment bank, has completed a $15.7 million refinancing for Vicar’s Landing, a continuing care retirement community in the coastal Jacksonville suburb of Ponte Vedra Beach.
The community’s independent living occupancy has consistently held around 95 percent for years, and a renovation was recently completed on the property. The community is located immediately adjacent to famed golf course TPC Sawgrass.
The transaction refinances bonds from 2007 and reduces the fixed interest rate from 5 percent to 2.76 percent, saving approximately $2 million. The financing also provides $1.2 million in bond proceeds for further capital improvements.