Ziegler Secures Funding for Bishop Gadsden Retirement Community
CHICAGO / Ziegler is thrilled to announce the successful closing of the $47,900,000 Series 2025 Bonds for Bishop Gadsden Episcopal Retirement Community. This monumental achievement will enable the community to enhance its offerings and expand its facilities.
Bishop Gadsden is an established nonprofit life plan community situated on a serene 125-acre campus. The community has undergone a remarkable transformation since its inception in 1850. Initially located on the peninsula of Charleston, it moved to its current, picturesque setting on James Island in 1987. This campus features 283 independent living units, 79 assisted living units, 32 memory care units, and 100 skilled nursing beds, including 32 specifically designed for rehabilitation purposes.
Strategic Growth and Development
To broaden its impact and enhance resident experiences, Bishop Gadsden Episcopal Communities (BGEC) was founded as a parent organization, introducing innovative and supportive entities such as Seafields by Bishop Gadsden. Located on the scenic Kiawah Island, Seafields is designed to meet the needs of retirees, offering 88 independent living units among other services, fostering a rich, community-oriented environment.
Planned Capital Improvements
With the funds from the Series 2025 Bonds rated BBB- with a stable outlook by Fitch Ratings, Bishop Gadsden is embarking on an extensive range of capital improvement projects. These developments will include a state-of-the-art Wellness Center, featuring an aquatic complex, expanded fitness facilities, and new multi-sport courts. The initiative will truly redefine wellness for the residents.
The community is also focusing on enhancing its performing arts and event space, aiming to create a captivating new venue complemented by an outdoor courtyard. Upgrades to culinary facilities will include enhanced kitchens and storage areas, allowing for an improved dining experience for residents.
Additional projects are set to improve meeting spaces and recreational areas, including new resident engagement facilities and greater parking capacity. All these efforts aim to boost the overall quality of life for residents and address evolving needs.
Funding Structure and Investor Support
The Series 2025 Bonds have a 30-year maturity, structured to provide a blend of financial stability with a weighted average maturity of 20.03 years and a yield to maturity of 5.13%. The financing attracted considerable interest, drawing participation from nineteen institutional investors who recognize the potential in Bishop Gadsden's vision.
Commitment to Residents
Tad Melton, the Managing Director at Ziegler, expressed pride in the long-standing partnership with Bishop Gadsden, a leader among America's life plan communities. He emphasized the importance of this financing in supporting a strategic reinvestment in essential areas like assisted living and skilled nursing, ensuring that the community remains equipped to address its residents' needs.
Ziegler remains at the forefront of financing solutions within the nonprofit senior living sector, demonstrating a commitment to creating tailored financial strategies that align with the needs of their clients.
About Ziegler
Ziegler is recognized as the nation's leading underwriter of financings specifically catering to nonprofit senior living providers. As a boutique investment bank, Ziegler specializes in healthcare, education, and municipal finance, providing comprehensive support in capital raising and strategic advisory services.
Headquartered in Chicago, Ziegler offers a blend of investment banking, financial management, and analytic services to help its clients thrive in the ever-evolving environment of senior living.
Frequently Asked Questions
What is the significance of the $47.9 million funding?
This funding will support crucial capital improvements at Bishop Gadsden, enhancing living conditions and community resources.
How long has Ziegler worked with Bishop Gadsden?
Ziegler has maintained a collaborative partnership with Bishop Gadsden for over 20 years, contributing to its growth and success.
What types of improvements will be made with the new funding?
Improvements include expanding wellness facilities, upgrading culinary spaces, and enhancing recreational areas.
What are the long-term benefits of these improvements for residents?
These enhancements aim to enrich resident experience, improve health services, and foster community engagement.
How does Ziegler support the senior living sector?
Ziegler provides tailored financial solutions, strategic advisory services, and in-depth market analysis to senior living providers.
