Ziegler announced a large bond financing to fund the development of a not-for-profit senior living community in Fort Worth, Texas. The sponsor, Methodist Retirement Communities (MRC), will add 172 independent living, 40 assisted living and 24 memory care units to its portfolio with the project, which is set on about 19 acres in Tavolo Park, a new master-planned commercial and residential community in southwest Fort Worth.
MRC also brought in Greystone to act as development consultant and operator for the community until the end of the second fiscal year after it achieves stabilized occupancy. Thereafter, MRC will assume management of the community and determine which care levels to include in a Phase II expansion.
A couple of years ago, Ziegler originally arranged $15.495 million in tax-exempt and taxable notes for the project’s pre-construction costs, site acquisition and market/architect/engineering costs. Those notes accrued interest to the closing date of the current bond series, which Ziegler underwrote to total $131.4 million.
