Ziegler Arranges $32.8M Bond Financing for CCRC in Florida

LAKELAND, Fla. — Ziegler has arranged $32.8 million in bond financing for The Estates at Carpenters, a 33-acre continuing care retirement community (CCRC).

Carpenter’s Home Estates, a Florida-based nonprofit CCRC operator, is the borrower. The property is located in Lakeland, approximately midway between Tampa and Orlando.

The community opened in 1986 and currently features 337 independent living units, 49 assisted living units and 72 skilled nursing units on its campus. All of the healthcare units are certified for Medicare and Medicaid and also accept managed care payment.

Proceeds from the bonds will be used to refund all of the outstanding 2008 bonds that are currently callable (approximately $18 million), as well as fund $17.4 million for capital expenditures, fund a debt service reserve fund and pay for costs of issuance.