TAMPA, Fla. — Ziegler has arranged $70 million in bond financing for Tampa Life Plan Village to expand by acquiring the independent living units of University Village, a nearby continuing care retirement community (CCRC).
The acquisition will include 445 independent living apartments, 46 independent living villas, the associated common areas and 32 acres of land. The health center, which features assisted living and skilled nursing units, was not included in the transaction.
The seller is Westport Holdings Tampa. The United States Bankruptcy Court for the Middle District of Florida and the State of Florida Department of Financial Services have both approved the transaction.
Following the acquisition, BRP Senior Housing Management will manage the day-to-day operations of University Village. BRP also will provide certain development services.
The bonds were issued through the Florida Development Finance Corp. as a direct placement to Rosemawr.
“We are pleased to have helped Tampa Life Plan Village and Ziegler bring University Village out of Bankruptcy and recapitalize it with new capital,” says Richard Ackerman, managing partner of BRP Senior Housing Management. “This will allow us to upgrade the building to Class A standards and improve the life of the existing residents. We plan to start our sales program in May 2021.”