The Villages, a 57,000-acre Florida retirement community and the world's largest, is preparing to issue nearly $180 million in high-yield debt to fund new residential construction and amenities. The unrated bond offering, expected to price on October 20, will finance 3,860 new homes and add 27 holes of championship golf along with recreation centers. Built for residents aged 55 and older, The Villages currently houses about 170,000 people and was one of the fastest-growing U.S. metropolitan areas between 2010 and 2020.
The community has been expanding rapidly, having borrowed $127 million last year for the initial phase of development aimed at adding roughly 6,670 units. Located about an hour north of Orlando, The Villages seeks to grow its population to over 260,000 retirees with more than 130,000 homes over the next two decades. So far, approximately 83,400 residential units have been sold to its age-restricted population, with over 2,100 homes sold this year at an average price just under $500,000.
The town has also gained cultural attention, notably through the documentary 'Some Kind of Heaven' directed by Lance Oppenheim, highlighting its unique lifestyle centered around golf carts, pools, theaters, and restaurants.
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