PONTE VEDRA BEACH, Fla. — Ziegler has arranged $30 million in bond financing for Vicar’s Landing, a continuing care retirement community in Ponte Vedra Beach, approximately 20 miles southeast of Jacksonville.
The community occupies a 24.3-acre site within Sawgrass, a 4,800-acre private resort and residential community. Sawgrass includes four golf clubs including TPC Sawgrass, the Sawgrass Marriott Resort, a shopping center and other residential and recreational amenities.
Vicar’s Landing currently features 227 independent living units, 38 assisted living apartments and 60 skilled nursing beds. The financing will fund a Phase II of Vicar’s Landing at Oak Bridge, an expansion project approximately one mile from the current campus.
Phase I of the expansion, currently underway, will add 109 independent living units, along with a clubhouse and gatehouse. Phase II will add 33 more independent living units in a single apartment building. Future phases call for an additional 33 independent living units, 42 assisted living units and 18 memory care units across two buildings.
The clubhouse and certain cottages of Phase I are now available for occupancy and move-ins. All components of Phase I are expected to be open for occupancy by early 2023.
The bonds, issued through the St. John’s County Industrial Development Authority, are draw-down bonds directly placed with Hancock Whitney Bank.