VENICE, Fla. — Ziegler has arranged $10.5 million in bond financing for Jacaranda Trace, a seniors housing community in the Gulf Coast city of Venice. The borrower is Convivial Life Inc.
Jacaranda Trace is part of a multi-phase, master-developed campus originally built in 1998 consisting of 436 independent living residences (apartments and villas), 19 assisted living units, 36 memory care units and a clubhouse on approximately 33 acres.
In June of 2022, the borrower used a portion of the proceeds of the issuance of 2022 bonds in the total amount of $96.9 million to acquire the majority of the community. The acquisition also included eight undeveloped villa lots and an approximately 2.2-acre parcel for potential future development.
Of the 436 independent living residences, 240 were acquired at closing of the 2022 bonds. The remaining 196 residences were owned by third parties as condominium owned units with the borrower seeking to acquire additional residences as the units are individually offered for sale by existing residents and/or their estate.
Since acquiring the community, the borrower has purchased an additional six villas. LifeStar Living Inc. served as the acquisition consultant to the borrower and was retained to serve as the manager of the community.
Proceeds of the 2023 bonds will be used to reimburse the borrower for purchase of the villas and various improvements made to the community since its acquisition. The 2023 bonds are subordinate to the 2022 bonds issued as part of acquiring the community in 2022.