KIAWAH ISLAND, S.C. — Ziegler, a Chicago-based investment bank, has arranged $212.9 million in bond financing for Seafields at Kiawah Island, a seniors housing project in coastal South Carolina.
The borrower and developer is a local entity doing business as Kiawah Life Plan Village Inc. BRP Senior Housing Management will operate the property. Sitework is underway, and the development team expects to open the community in fall 2025.
Seafields at Kiawah Island will be located on an eight-acre site about 25 miles south of Charleston. This site is adjacent to Freshfields Village, an open-air pedestrian village with a variety of stores, restaurants and entertainment options.
The community will feature 90 independent living units and 16 assisted living units. In addition to full-service dining, amenities will include a bar, bistro, outdoor pool, fitness center, yoga studio, salon, wellness center, theater and various multipurpose rooms.
The South Carolina Jobs-Economic Development Authority issued the bond financing. Specifically, the package consists of $87.1 million of long-term, fixed-rate bonds and $125.8 million of tax-exempt and taxable securities with mandatory paydown requirements.
“Ziegler is very proud to help provide construction financing for Seafields at Kiawah Island in a very challenging capital markets environment,” says Rob Gall, Ziegler’s director of investment banking. “The community is solving a critical piece to the sea islands of Kiawah and Seabrook where seniors will now have the option to stay or live on the beautiful sea islands of South Carolina.”
“With 70 units reserved the project has wide acceptance in the market,” adds Richard Ackerman, senior partner at BRP Senior Housing Management. “Ziegler and the whole team did a great job given a tough market and a unique project.”
- Taylor Williams