Some key updates on The Spires at Berry College today:
- Nearly $18 million in permits have been issued by the Rome/Floyd building inspection office including one for $6.7 million, a second for $8.67 million and a third for $2.6 million. All list an address of 600 Eagle Lake Trail.
- Nearly $120 million in tax exempt bond financing has been completed.
- 80 percent of the project’s available accommodates have been presold. Planned are 170 independent living units including free-standing cottages and apartments; plus an additional 107 health care suites for assisted living, memory care and skilled nursing care
Media release: In late December, The Spires at Berry College closed a $119.7 million tax-exempt bond financing deal, including $81.9 million in bonds underwritten by Ziegler (sold to mutual fund bond investors) and $37.8 million in bonds purchased by SunTrust Bank. The tax-exempt bond financing will fund the entirety of the construction efforts of the senior living community being built on the campus of Berry College.
The Spires, which will be completed in 2020, exceeded its 70 percent pre-construction sales goal in September. “Pre-sales are an indicator of market acceptance, which was a crucial factor in Ziegler’s underwriting as well as investor interest in purchasing the bonds,” says Adam Heffernan, senior vice president of Planning and Finance at Greenbrier Development, the consultancy managing the development of the project.
In addition to demonstrable market acceptance, a third-party feasibility consultant thoroughly vetted the project budget and assumptions, and determined The Spires at Berry
College is structured to be a financially strong operation, instilling confidence in investors.
“The upfront funding puts us in a position to complete construction as scheduled, and we look forward to seeing this project through to opening in 2020,” adds Heffernan.
While the finance team anticipated interest from mutual fund bond investors, in recent years many banks have not participated in financings for start-up continuing care retirement communities. SunTrust Bank’s investment in The Spires at Berry College further indicates investors’ confidence in the community’s success.
The Spires also has developed a strong relationship with Berry College. “Not only is construction well under way and on track for 2020 completion but we have been working very closely with Berry College to develop best-in-class programs and amenities for our residents,” says Morgan Lamphere, vice president of Marketing at The Spires at Berry College.
With almost 80 percent of the available units reserved to date, the staff at The Spires is now working with depositors to customize their future homes.
For more: 706-368-9955 or visit retireatberry.com.