Herbert J. Sims & Co., Inc. - Marshes of Skidaway

Marshes of Skidaway

turnkey development acquired by a non-profit corporation at construction commencement

The Marshes of Skidaway

In November 2003, Sims completed a $97.5 million tax-exempt bond financing for The Marshes of Skidaway to finance the construction of a continuing care retirement community in Savannah, Georgia. The first phase of the community will include 127 independent living apartments, 37 detached cottage homes, 9 sets of duplex homes, and a health center consisting of 16 assisted living suites, 12 dementia care units and 12 skilled nursing units (a total of 24 licensed beds). The community is located on a 58-acre site approximately ten miles from downtown Savannah.

The Marshes of Skidaway is a turnkey development acquired by a nonprofit corporation, Skidaway Health and Living Services, Inc., at the time of permanent financing. The permanent financing consisted of five series of bonds. Three series of first mortgage bonds are comprised of $33,375,000 Series A fixed rate bonds, $6,000,000 Series B adjustable rate bonds and $51,000,000 Series C variable rate bonds. The Series C variable rate bonds are enhanced with a letter-of-credit. The Series C bonds were swapped to a fixed interest rate during the construction period. In addition to the senior first mortgage bonds, the financing consisted of $5,230,000 subordinate Series D Bonds and $1,900,000 subordinate Series E Bonds.