Ziegler announced a $56.85 million bond closing for Westminster, a Texas-based not-for-profit corporation, to expand and renovate its Type-A CCRC in Austin. Set on 9.3 acres, the campus currently comprises 324 independent living units, 22 assisted living units and 85 skilled nursing beds, of which 30 are utilized for memory care. Life Care Services has managed the property since 1981.
LCS will also be providing development services for the expansion, which started in July 2020 and will feature a new five-story building with 43 IL, 36 AL and 38 MC units and another new five-story building with 18 IL units and a wellness center with a fitness center, PT/OT space and clinic. In addition, ownership will renovate its existing Windsor building. That project will enhance the common areas, repurpose 30 skilled nursing/memory care units to short-term rehab, and convert 22 AL units to independent living.
Issued through the New Hope Cultural Education Facilities Finance Corporation, the Series 2021A bonds were priced with a weighted average yield to maturity of 3.02%, receiving strong demand from investors. In addition to funding the project, they will be used to redeem a Series 2020A note and fund a portion of the interest on the bonds.
