PONTE VEDRA BEACH, Fla. — Ziegler has arranged $115.6 million in bond financing for Vicar’s Landing, a continuing care retirement community in Ponte Vedra Beach, approximately 20 miles southeast of Jacksonville.
Vicar’s Landing was developed in 1983. It sits on a 24.3-acre site within Sawgrass, a 4,800-acre private resort and residential community. The larger master-planned Sawgrass community features four adjacent golf clubs, TPC Sawgrass, the Sawgrass Marriott Resort, a shopping center and other residential and recreational amenities.
Vicar’s Landing features 227 independent living units, 38 assisted living apartments and 60 skilled nursing beds.
The bonds will be used to refund bonds issued in 2014 and 2016, as well as fund an expansion project known as Vicar’s Landing at Oak Bridge. The new construction will be located less than one mile from the Community on approximately 42.1 acres, featuring 109 independent living units consisting of 43 cottages and two apartment buildings containing 66 flats.
The project has already been 66 percent pre-sold in six months.