#United States #Charleston #Ziegler #Bishop Gadsden

Ziegler Closes Financing for Bishop Gadsden Episcopal Retirement Community

In a significant development for senior living, Ziegler has announced the successful closure of a considerable financing deal amounting to $47.9 million in Series 2025 Bonds aimed at enhancing the Bishop Gadsden Episcopal Retirement Community (Bishop Gadsden) located in Charleston, South Carolina. This community has a long-standing heritage, as it was established in 1850 and transitioned to its current location on James Island in 1987. This location offers a serene environment just six miles from downtown Charleston and the beautiful Folly Beach.

Community Growth and Expansion

Bishop Gadsden operates as a nonprofit life plan community, and over the years, it has expanded significantly. Covering 125 acres, the community features a total of 283 independent living units, 79 assisted living units, 32 memory care units, and 100 skilled nursing beds, which include 32 rehabilitation beds. The essence of Bishop Gadsden is to provide a vibrant living environment for senior adults, ensuring both independence and a sense of community.

Additionally, the parent organization, Bishop Gadsden Episcopal Communities (BGEC), is paving the way for further growth by overseeing developments such as Seafields by Bishop Gadsden, a life-plan community set on Kiawah Island, which opened its doors in late 2025. This new facility includes 88 independent living units and 16 assisted living units and collaborates with Bishop Gadsden to offer nursing services.

Investment in Capital Improvements

The latest financing will facilitate a wide range of capital improvements within the community, focusing on various enhancements that elevate the standards of living for residents. Key projects funded by the Series 2025 Bonds include:
1. Expanded Wellness Center: This will feature a new aquatic complex, a larger fitness center with advanced training and cardio equipment, locker rooms, and multi-sport courts, all anchored by a communal gathering space known as the Wellness Hub.
2. Performing Arts and Event Spaces: A brand-new performing arts venue, alongside a multipurpose area and an outdoor courtyard for events, will cater to cultural and social activities.
3. Culinary Enhancements: Upgrades will improve kitchen functionality with new refrigeration, catering/storage areas, and enhanced catering services.
4. Office and Meeting Space Renovations: There will be new meeting spaces for residents, expanded boardroom facilities, and additional administrative offices to better serve the community.
5. Parking Expansion: To accommodate the growing number of residents and guests.
6. Team Member Facilities: A new lounge for staff members, fostering a better environment for those providing care.
7. Infrastructure Improvements: Improvements have already been made to the central plant, including new HVAC systems and chillers.

Bond Details and Future Outlook

The Series 2025 Bonds have received a BBB- rating with a stable outlook from Fitch Ratings and are managed through the South Carolina Jobs-Economic Development Authority. The structure of the bonds includes a 30-year maturity and a weighted average maturity of approximately 20.03 years with a blended yield to maturity of 5.13%. Interest from the investment community was robust, with participation from nineteen institutional investors, showcasing confidence in Bishop Gadsden’s future.

As Tad Melton, Managing Director in Ziegler's Senior Living Finance Practice, expressed, “The Series 2025 financing will support a series of campus reinvestment projects that will expand assisted living and skilled nursing services while addressing physical plant and amenity priorities. This partnership enables Bishop Gadsden to advance its mission effectively.”

Ziegler stands as the preeminent underwriter of financings for nonprofit senior living providers, bringing creative solutions tailored to meet the unique needs of the senior living sector.

For more information about Ziegler and its services in the senior living industry, visit www.ziegler.com.

Conclusion

The successful closing of the Series 2025 Bonds marks a pivotal moment for Bishop Gadsden Episcopal Retirement Community, enabling extensive upgrades that promise to enhance the resident experience. As the community embraces its future, it is clear that the partnership with Ziegler is set to foster growth and innovation in senior living, reaffirming its mission to serve the needs of its residents with dignity and care.