FORT MYERS, Fla. — Ziegler has arranged $107.7 million in bond financing for Cypress Cove at HealthPark Florida Inc. The proceeds of the bonds will be used to refinance outstanding debt, reimburse and fund certain capital expenditures, fund a debt service reserve fund and pay costs of issuance.
Cypress Cove is a nonprofit continuing care retirement community (CCRC) in Fort Myers. The property features 333 independent living apartments, 44 independent living free-standing villas and common areas, 44 assisted living units, 44 memory care units and a skilled nursing facility containing 64 private rooms. Cypress Cove also provides home health services for the wider community.
Truist and Hancock Whitney were selected as the bank lenders with both offering a 10-year commitment period and 30-year amortization.
Cypress Cove will realize an average interest rate of 2.24 percent, average annual cash flow savings of $1.9 million resulting in net present value savings over the 10-year bank commitment period of $16.8 million representing 19.6 percent savings of refunded bonds.
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