St. James Place, a retirement community on Lee Drive, has issued $63.3 million in bond debt and will use the money for a number of purposes, including to retire a 2007 bond issue, two bank loans and terminate an interest rate swap, according to investment banker Ziegler.
St. James issued two sets of bonds: $56.7 million in tax-exempt, fixed-rate bonds, and $6.6 million in taxable, fixed-rate bonds.
"This transaction will convert their shorter-term bank debt to long-term fixed rate and provide the corporation with a solid platform to move forward with their strategic objectives," said Rich Scanlon, managing director in Ziegler’s senior living practice.
St. James Place is a not-for-profit that operates a continuing care retirement community on a 50-acre campus. St. James has 225 independent living units; 55 assisted living apartments, 15 of which are secured for residents with progressing stages of dementia; and 90 nursing home beds.