Ziegler just closed a $25.34 million financing for a new seniors housing community in San Antonio, Texas, but these funds do not include the cost of construction.
The new money will be used to purchase 27 acres in San Antonio, pay for the preconstruction development costs, and the costs of issuing the new debt. The community, to be called Bella Vida at La Cantera, will consist of 153 independent living apartments, 40 IL cottages and 16 memory support assisted living units. This pre-construction debt comes to about $121,000 per unit. There was no breakdown of the three uses of the proceeds.
The sponsor is the not-for-profit Forefront Living San Antonio. Brandon Powell, Managing Director of Ziegler, was the lead on the financing. This will be San Antonio’s first new not-for-profit senior living community in 30 years.
