Ziegler Closes $72 Million Financing for Expansion
In a significant development for the residents of a unique retirement community, Ziegler, a renowned national boutique investment bank, has successfully finalized the financing of $72 million. This funding will benefit the Air Force Enlisted Village, Inc., a dedicated non-profit organization in Florida aimed at housing widows and families of enlisted veterans from the United States Air Force.
History and Mission of Air Force Enlisted Village
The foundation of the Air Force Enlisted Village dates back to 1968, initiated by the United States Air Force to support the essential housing needs of those who served. This encompasses not only the widows of those who served but extends to retired enlisted couples and single retirees, as well as the spouses of enlisted members who have faced tragedy or loss.
Over the years, the Obligor has evolved by acquiring its first senior living community in 1975. With support from local leaders and legislative authorization, they acquired a substantial area of land to further their mission. A notable effort led by the famous entertainer Bob Hope raised funds to build 256 independent living units, now known as Bob Hope Village. Today, this flourishing community spans across 130 acres in Shalimar, Florida, catering to various veterans' families and other eligible individuals.
Infrastructure and Community Features
The current infrastructure includes six independent living villages and an assisted living facility launched in 2005, named Hawthorn House. Within the expansive grounds, 408 rental apartments and 64 assisted living and memory care units are presently available, giving hope and comfort to its residents. The absence of skilled nursing care and the provision of rental contracts with monthly fees aligns with the community's niche approach.
With a steady waitlist comprising over 190 individuals and couples eager to join this supportive environment, the needs of the community remain paramount. The bond proceeds from the Series 2025 Bonds will be allocated to refinance existing notes valued at approximately $35.2 million and assist in developing a new Village 7, which will add 51 independent living units to the community.
Anticipated Benefits of the Financing
Brooke McLean, the President and CEO of Air Force Enlisted Village, expressed enthusiasm over the financing's impact, stating, "Our organization has a history of caring and benevolence. We are excited to get started on this project and are grateful to the Ziegler team for helping us move into this next phase." Her words highlight the community's commitment not just to its existing residents but also to future ones.
About Ziegler's Role and Commitment
Rich Scanlon, Senior Managing Director at Ziegler, explained the firm’s ongoing commitment to the Air Force Enlisted Village, reflecting on the unique mission that this community upholds. He noted, "Ziegler has had a long-standing relationship with the Air Force Enlisted Village, which serves a distinctive mission for its residents. We were pleased to assist them with this important financing and look forward to their ongoing success in constructing and running Village 7." This sentiment underscores Ziegler's dedication as a leading underwriter in financing for not-for-profit senior living providers.
The Broader Impact of the Community
The Air Force Enlisted Village impacts not just its residents but the entire local economy, given its proximity to major military installations such as Eglin Air Force Base and Hurlburt Field. The community is equipped with the resources and support systems necessary for enriching the lives of veterans and their families, fostering a sense of belonging, security, and camaraderie.
As Ziegler continues to spearhead innovative financial solutions, their focus on missions that matter to communities provides a model for future investments in similar philanthropic endeavors. Their work extends beyond numbers and figures; it embodies a profound respect for those who have served in military service.
Frequently Asked Questions
What is the funding amount announced by Ziegler?
Ziegler has announced a financing amount of $72 million for the Air Force Enlisted Village.
Who will benefit from this financing?
The financing will primarily benefit the residents of the Air Force Enlisted Village, particularly widows and families of enlisted veterans.
What is the purpose of the funds?
The funds will be used to refund previous notes and to develop a new Village 7, adding more independent living units.
How does Ziegler contribute to the senior living sector?
Ziegler is a leading underwriter for not-for-profit senior living providers, offering tailored financial solutions.
What community features does Air Force Enlisted Village have?
The community includes independent living villages, assisted living facilities, and various amenities tailored to the needs of residents.
