Fort Myers Luxury Senior Community Lands $108M Refi
- Nov 23, 2020
Cypress Cove at HealthPark Florida Inc., a non-profit corporation, has received a $107.7 million loan for its luxury community in Fort Myers, Fla. Ziegler arranged the Series 2020 Bonds, provided by Truist and Hancock Whitney.
The non-profit was established in 1995 for the purpose of developing Cypress Cove at HealthPark Florida. The senior community includes 333 independent living apartments, 44 independent living units in separate villas, 44 assisted living and 44 memory care units, as well as a skilled nursing facility with 64 private rooms.
The community is located at 10200 Cypress Cove Drive, 11 miles south of central Fort Myers and adjacent to HealthPark Medical Center. The property is close to Estero Bay Preserve State Park and Fort Myers Beach.
The proceeds of the 10-year loan with a 30-year amortization period will cover existing debt, capital improvements, costs of issuance and will finance a debt service reserve fund. As a result, the property will have an average interest rate of 2.2 percent, with annual cash flow savings of $1.9 million, according to Ziegler.
Earlier this year, Ziegler assisted another non-profit in the refinancing of its associated senior community in Germantown, Tenn. The Series 2020 bank bonds refinance existing Series 2012 bonds with a Cinderella Refunding scheme.