FORT MYERS, Fla. — Ziegler has arranged $68 million in financing for Cypress Cove at HealthPark Florida, a continuing care retirement community in Fort Myers.
The community currently features 377 independent living units, 44 assisted living units, 44 memory support units and 64 skilled nursing units on a 48-acre campus. The financing will fund the addition of a 12-acre gated community known as The Oaks at Cypress Cove, which will include 24 independent living villas, 24 independent living apartments and new common areas in a five-story building.
The financing comprises $44 million in fixed-rate bonds and $24 million in fixed-rate mandatory paydown securities.
The bonds were issued through the Lee County Industrial Development Authority and were rated BB+ by Fitch Rating.