Ziegler, a national boutique investment bank, has successfully closed the Series 2025 Bond Anticipation Notes to support the development of The Sanctuary at Village On The Isle, a new retirement community planned for Sarasota County, Florida.
The financing was completed on behalf of The Sanctuary at Village On The Isle LLC, an entity formed in 2025 to develop, own, and operate the new community on approximately 50 acres of land in unincorporated Sarasota County. The borrower is solely owned by Village On The Isle (VOTI), a Florida-based not-for-profit organization with more than four decades of experience operating senior living communities in Venice, Florida.
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VOTI currently operates a well-established continuing care retirement community that includes independent living, assisted living, memory care, and skilled nursing services. While the borrower and VOTI are affiliated with the Florida-Bahamas Synod of the Evangelical Lutheran Church in America, neither VOTI nor its affiliates are responsible for repayment of the Series 2025 Notes.
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The first phase of The Sanctuary is expected to include 130 independent living apartments and 50 independent living cottages, located roughly five miles from VOTI’s existing campus. The site has been intentionally designed to allow for future expansion, which could include additional independent living units or assisted living services depending on future market demand. Greystone has been engaged to provide development consulting services during the planning phase.
The Series 2025 financing includes $35.84 million in tax-exempt notes sold to institutional investors and $2 million in subordinate taxable notes purchased by VOTI. Proceeds will be used to fund land acquisition, marketing efforts, and early-stage development costs. The notes are expected to be redeemed in late 2027 using proceeds from a future long-term construction financing.
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“This marks an exciting stage of growth for our organization,” said Doug Feller, CEO of VOTI. “Our long-standing partnership with Ziegler has been instrumental in helping us move this vision forward.”
Kathi Rogers, CFO of VOTI, added that the milestone reflects the strength of the organization’s advisors and board leadership. “We’re grateful for the collaboration and strategic guidance that continues to support our mission for generations to come.”
Ziegler Senior Managing Director Rich Scanlon highlighted the long-standing relationship between the two organizations, noting that strong presales at VOTI’s existing campus signal promising demand for The Sanctuary. Construction of the new community is currently expected to begin in early 2028.
Ziegler remains the nation’s leading underwriter for not-for-profit senior living providers, offering specialized financing, advisory, and strategic planning services across the senior housing sector.
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