NAPLES, Fla. — Ziegler, a specialty investment bank, has closed $20.9 million in bond financing for The Arlington of Naples, a continuing care retirement community (CCRC) being built as part of a resort in Naples.
The Arlington is currently under construction on 39 acres within the Lely Resort, a 3,000-acre luxury real estate community.
When finished, the new community will feature 128 independent living apartments, 47 independent living villas, 42 assisted living apartments, 37 memory support suites, and 44 skilled nursing suites within 617,000 square feet of buildings.
The bond financing was issued simultaneously with the closing of an $8 million construction loan from the Mission Investment Fund of the Evangelical Lutheran Church in America. The purpose of the two financings is to provide enough funds to complete the project as originally envisioned when it received $190.3 million in bond financing in 2013, as well as expand that plan with 16 additional independent living villas.
The Arlington is sponsored by Lutheran Life Ministries, a nonprofit operator that currently manages five seniors housing communities comprising 1,279 units in Indiana and Illinois. The company plans to open this new community, its first in Florida, in October. As of June 10, the community was 85 percent presold.