#USA #Sarasota #Sanctuary #Ziegler #Village On The Isle

Ziegler Secures Financing for Retirement Community

Ziegler, a prominent boutique investment bank, has recently concluded the successful financing of $37,840,000 through the closing of Series 2025 Bond Anticipation Notes, aimed specifically at benefiting The Sanctuary at Village On The Isle LLC. This initiative is set to enhance retirement living options in Sarasota County, Florida.

Overview of the Project

The Sanctuary at Village On The Isle is designed to be a thriving retirement community, sprawling over approximately 50 acres in an unincorporated area of Sarasota County. Established in 2025, the Borrower for this exciting project is the Southwest Florida Retirement Center, Inc., which operates under the name Village On The Isle (VOTI). This Florida non-profit organization has been a key player in senior living since 1982 and manages a well-regarded continuing care retirement community located in Venice, Florida. Currently, VOTI boasts 234 independent living units, 48 assisted living units, 16 memory care units, and 64 skilled nursing beds.

Strategic Development and Future Growth

The first phase of this community development is poised to feature 130 independent living apartments alongside 50 independent living cottages, strategically located about five miles from the existing VOTI facility. The site not only allows but encourages future expansions, potentially comprising additional independent living units or an assisted living center, depending on market demands at the time of development consideration.

To facilitate this growth, Greystone has been brought on board to provide expert development consulting services throughout the planning and implementation phases.

Regulatory Compliance and Community Vision

In compliance with Chapter 651 of the Florida Statutes, The Sanctuary will deliver diverse living accommodations in a beautifully designed, campus-like environment. It aims for a harmonious integration of residential and communal spaces to foster a supportive atmosphere for residents

The financing is structured through tax-exempt Series 2025A Notes amounting to $35,840,000, targeted at institutional investors, while also incorporating $2,000,000 in subordinate taxable Series 2025B Notes purchased by VOTI.

These proceeds will be directed towards critical pre-finance capital needs covering land acquisition, pre-development expenses, and marketing efforts essential for the community's launch. Notably, the Series 2025 Notes is planned to be redeemed by December 2027 through long-term financing aimed at the community's construction.

Leadership Perspectives

Doug Feller, Chief Executive Officer of VOTI, expressed palpable excitement regarding this advancement: “We are thrilled to reach this pivotal growth phase and thank our partnership with Ziegler for making it possible. Their support has been instrumental as we embark on this remarkable project aligning with our long-term vision.”

Adding to this sentiment, Kathi Rogers, Chief Financial Officer of VOTI, emphasized the invaluable nature of their partnerships for the project's success and the community's future: “This significant milestone reflects the strength of our collaborative efforts and the unwavering commitment of our Board of Trustees to maintain VOTI's mission.”

Milestones Achieved

Rich Scanlon, Senior Managing Director of Senior Living Finance at Ziegler, noted the longstanding relationship between Ziegler and VOTI, citing that their journey together started in 1985. He remarked on the robust potential in VOTI's primary market, which catalyzed the need for a second campus, affirming that strong presales at the current campus gear them to anticipate similar success at The Sanctuary, with construction projected to initiate in January 2028.

Conclusion

As a trailblazer in financing for non-profit senior living providers, Ziegler continues to offer tailored investment banking solutions that meet the needs of this sector, ensuring they remain committed to enhancing senior living options across the nation. For additional details on Ziegler, visit their website at www.ziegler.com.

By securing funding for The Sanctuary, Ziegler is not only investing in a project but is also playing a vital role in fostering an enriched living environment for seniors, enhancing community support and care for generations to come.