BB&T Capital Markets Closes $29,615,000 Bond Financing for For-Profit, Start-Up Project in Florida
About the Companies
Located on 21 acres, Silver Creek St. Augustine will initially include 72 assisted living units and 48 memory support units. The assisted living/memory care facility will be a qualified residential rental project, as 20 percent of units will be available for tenants whose income does not exceed 50 percent of the median income in the county. The facility is being developed by Zerga Development, LLC, and is being managed by Zerga Management, LLC, both related to the for-profit owner of the community.
The key principals of Silver Creek St Augustine LLLP and its related entities each have more than 20 years of development and operating experience in housing and hospitality. Since its formation in 2006, the Zerga Development, LLC, has developed several communities in Texas and Oklahoma and with this transaction has branched out into Florida. The management company, Zerga Management, LLC, was formed in 2010 to manage the communities developed. After the first successful financing (Parkview on Hollybrook – Longview, Texas) with BB&T Capital Markets in 2013, Zerga partnered again with BB&T to establish a broader geographical footprint and to address their capital strategy to fund future growth.
BB&T Capital Markets has a highly experienced team dedicated to the healthcare industry. With an annual financing volume that typically exceeds $1 billion in bond issues, loans and direct placements, we have helped hundreds of senior living and acute care clients throughout the U.S. build and achieve success.
About BB&T Capital Markets
BB&T Capital Markets offers an integrated platform of equity and debt underwriting, M&A advisory, corporate banking, equity research and sales and trading. Headquartered in Richmond, Va., with offices throughout the U.S., we have specific expertise within eleven distinct industry verticals including Aerospace, Defense & Government Services; Automotive Aftermarket; Commercial & Industrial; Financial Services; Food & Agribusiness; Logistics & Transportation Services; Healthcare; Education; Energy; Real Estate; and Retail & Consumer. Our commitment to industry expertise, combined with our resources as one of the nation's strongest financial institutions, strategically positions BB&T Capital Markets to build lasting relationships and contribute measurably to the long-term success of our clients.