WINTER PARK, Fla. — Ziegler has arranged $80 million in bond financing for an expansion project at Mayflower Retirement Center, a continuing care retirement community in Winter Park, a suburb of Orlando.
The community opened in 1989 is situated on approximately 37 acres and currently consists of 220 independent living apartments and 28 villas; 31 private assisted living units with 15 used for memory support services; 60 nursing beds; and associated common areas.
The borrower is pursuing a two-phase repositioning of its campus. Phase I was financed in November of 2020 with the issuance of the $60.1 million in bonds. Phase I of the expansion project consists of the construction of a new health care center comprising 24 private memory care suites and 60 private skilled nursing rooms.
Phase II of the expansion project is being financed with these new bonds. Phase II consists of the construction of 50 new independent living units, a clubhouse that will provide dining and social spaces, and the renovation of existing space currently used to house the skilled nursing beds into 21 assisted living units.
Sawgrass Partners, LLC, is serving as the development consultant for the repositioning.