Summary
This case study details the financing efforts of B.C. Ziegler and Company for the Convivial St. Petersburg project, a planned continuing care retirement community in St. Petersburg, Florida. The project aims to develop a community on 5.27 acres, featuring two residential buildings with 170 independent living units and 48 assisted living/memory support units. The financing involves the issuance of Series 2024 Notes, totaling $29,400,000, which are tax-exempt and non-rated. The funds will be utilized for land acquisition, pre-development expenditures, and marketing costs. LifeStar Development St. Petersburg, LLC has been appointed as the development and marketing consultant for the project. The anticipated construction financing is projected to occur in early 2026, with a total financing plan approximating $250,000,000. Ziegler's role includes project monitoring during the pre-development stage, ensuring the appropriate disbursement of funds. The case study also highlights the significance of this project within the context of senior living developments in the area.
