#United States #Ziegler #Air Force Enlisted Village #Bob Hope Village #Shalimar

Ziegler Successfully Closes $72 Million Financing for Air Force Enlisted Village

In a remarkable achievement, Ziegler, a prominent boutique investment bank, has recently completed the closing of the Series 2025 Bonds, amounting to $72 million. This financing is aimed at benefiting the Air Force Enlisted Village, Inc., a respected nonprofit organization located in Florida. Founded in 1968 following the directives of the U.S. Air Force, the organization was established to meet the housing needs of widows of enlisted Air Force veterans. Currently, it extends its services to retired enlisted couples, single retirees, and other military personnel and their families who have faced the loss of a loved one in active duty.

The journey of the Air Force Enlisted Village began in 1975 when it purchased its first senior living community. Over the years, the organization has successfully collaborated with local leaders and members of Congress to secure a parcel of land, eventually purchasing 125 acres from the U.S. Air Force with funds raised through the efforts of renowned entertainer Bob Hope. This collaboration resulted in the establishment of Bob Hope Village, which encompasses 256 independent living units. Today, the retirement community operates on a generous 130 acres in Shalimar, Florida.

The Air Force Enlisted Village is strategically located near key military installations, including Eglin Air Force Base, Hurlburt Field, and Tyndall Air Force Base, making it a vital part of the local community. The village comprises six independent living villages that collectively offer a mix of 408 rental independent living apartments, along with 48 assisted living units and 16 memory care units located in Hawthorn House, which was built in 2005.

As a non-skilled nursing facility, the community operates solely through rental contracts with a monthly service fee structure. Notably, it currently has a waiting list exceeding 190 individuals and couples, highlighting the high demand for its services.

The financing generated through the Series 2025 Bonds will not only address the refinancing of approximately $35.2 million in Series 2018A/B Notes but will also support the construction of Village 7, which is set to include 51 new independent living units. The bonds, categorized as non-rated, are designed as long-term fixed-rate tax-exempt bonds that provide financial stability and support for the community's ongoing initiatives.

Brooke McLean, President and CEO of Air Force Enlisted Village, emphasized the organization’s commitment to its legacy of care and vision, expressing gratitude to the Ziegler team for their support. McLean remarked on the significance of this project, stating, "We are excited to get started on this project and are grateful to the Ziegler team for helping us move into this next phase."

Rich Scanlon, Senior Managing Director of Senior Living Finance at Ziegler, echoed this sentiment, highlighting the longstanding relationship between Ziegler and the Air Force Enlisted Village. He affirmed the uniqueness and noble mission of the community, looking forward to witnessing the successes of Village 7's construction and operations.

Ziegler has established itself as the nation's leading underwriter for financing solutions specifically tailored to nonprofit senior living providers. Offering a wide range of services including investment banking, financial risk management, and strategic planning, Ziegler remains at the forefront of supporting communities like the Air Force Enlisted Village. For more insights into their operations, explore more at Ziegler’s website.

As the community prepares to expand its facilities, the Air Force Enlisted Village exemplifies a successful integration of finance and social service, aimed at fostering a supportive living environment for our brave military families and retirees.