PALM COAST, Fla. — HJ Sims has arranged $43.8 million in bond financing for the construction of Tuscan Gardens at Palm Coast, a 130-unit assisted living and memory care community in Palm Coast, located between Jacksonville and Orlando.
The 152,000-square-foot community will be located adjacent to the Grand Haven master-planned communities. The three buildings will include 86 assisted living units and 44 memory care units. The owners are affiliates of Tuscan Gardens Group.
The owners of Grand Haven specifically sought out developers to add seniors housing to the master-planned development. Tuscan Gardens Group has already received all necessary approvals to begin construction. Some site work has already commenced, with a scheduled completion of late 2018.
Approximately $11 million of bonds were sold to Sims’ accredited investor base and the balance to six institutional investors. Senior bonds consisted of $39.6 million of tax-exempt and taxable bonds that provided for a loan of approximately 78 percent loan-to-cost ratio. Sims also structured $2.7 million of tax-exempt subordinate bonds that were sold to accredited investors and an institution. The overall blended yield on the bond issue was approximately 7.42 percent.