CHARLESTON, S.C. — Ziegler has arranged $29.2 million in bond financing to fund a renovation project at Bishop Gadsden Episcopal Retirement Community in Charleston.
The nonprofit continuing care retirement community is located on James Island, approximately six miles from downtown and six miles from Folly Beach. Founded in 1850 as a special ministry of the Episcopal Diocese of South Carolina, Bishop Gadsden has continuously expanded its mission to serve seniors for 173 years and remains affiliated with the Episcopal diocese.
In 1987, Bishop Gadsden moved to its current location on James Island on land donated by St. James Episcopal Church. Today, the Community sits on a 125-acre campus featuring 268 independent living units, 79 assisted living units, 32 memory care units, 32 post-acute skilled nursing beds and 68 long-term care beds.
Having recently completed construction of a replacement health center and renovated/expanded assisted living units, which Ziegler financed in 2019, Bishop Gadsden is now planning a 15-unit independent living neighborhood known as The Meade. The new units will range in square footage from 1,800 to 2,400.
Issued through the South Carolina Jobs – Economic Development Authority, the bonds were structured in two tranches: a $17.2 million draw-down, bank-held bond with a 12-year commitment and $12 million draw-down, bank-held bond Bishop Gadsden intends to pay back using entrance fees from the project.
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