Florida Senior Living Facility Defaults on $35.5 Million Munis

A 130-unit senior living facility north of Daytona Beach, Florida defaulted on a $35.5 million series of municipal bonds issued in 2017, according to a securities filing.

• Tuscan Gardens of Palm Coast failed to make a $1.2m interest payment on Series A bonds due April 1
• Capital Trust Agency issued the bonds; Taxable series already in default
• Tuscan Gardens was 68% occupied at the end of January, according to a securities filing
• Almost 80% of the $513.7m municipal bonds defaulting this year were issued for senior living facilities, according to data compiled by Bloomberg

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