Posh Florida Care Facility to Borrow $260 Million for Expansion
- Shell Point Retirement plans to build a new 14-story tower
- Hurricane Ian hit operator with up to $85 million in damages
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The largest single-site, not-for-profit retirement community in the US is selling municipal bonds to finance an expansion, less than two years after Hurricane Ian caused as much as $85 million of damages.
Fort Myers, Florida-based Shell Point Retirement Community plans to borrow about $260 million to build a new tower with independent-living units, plus a 152,000 square-foot “town center” facility. The new community center will also be a hurricane-grade shelter, said Burke Rainey, Shell Point’s chief financial officer.