FORT MYERS, Fla. — Ziegler has arranged $81.2 million in bond financing for The Christian and Missionary Alliance Foundation, which owns and operates Shell Point Retirement Community, a massive continuing care retirement community (CCRC) in Fort Myers.
The financing will fund the construction of Waterside Health Center, a new skilled nursing facility at Shell Point consisting of 180 mostly private rooms. The building will replace the existing 219-bed Pavilion on the Shell Point campus. The funds will also be used to establish a debt-service reserve fund, fund interest for a period of 26 months on the bonds and pay issuance costs.
The full Shell Point community occupies two sites: a 75-acre island in the Caloosahatchee River near the point where it enters the Gulf of Mexico, and a 150-acre campus located approximately one mile inland from the island.
Shell Point currently features 1,292 independent living units, 410 assisted living units and 219 skilled nursing beds. The oldest building, containing 48 independent living units, was constructed in 1968, and the newest development, containing 23 independent living units, was completed in 2017.
The issuance of the bonds represents the seventh financing event that Ziegler has served as the underwriter or placement agent for the borrower, dating back to 1999.