Ziegler announced its closing of $230.25 million of Series 2025 bonds for a Texas not-for-profit organization, Bella Vida Forefront Living (formerly known as Bella Vida at La Cantera Forefront Living). The proceeds will be used, together with other available funds, for the purpose of financing and refinancing the cost of acquiring, developing and constructing a new retirement community, including the refinancing of Bella Vida’s outstanding Series 2023 bond anticipation notes. They will also be used to fund a debt service reserve fund, fund capitalized interest through March 1, 2027, and pay costs of issuance of the Series 2025 bonds.
Forefront Living, a Texas not-for-profit organization, is the parent and sole corporate member of Bella Vida. Forefront provides management and organization services to Bella Vida, as well as its other affiliates (Forefront Living Hospice, Presbyterian Village North, Forefront Living Foundation, The Outlook at Windhaven and Empowered Living Services).
Bella Vida is planning to develop and own a retirement community in San Antonio, Texas, that will be known as Bella Vida. The site comprises 26.7 acres approximately 15 miles northwest of downtown San Antonio. The community will consist of 204 independent living units including 164 apartments and 40 villas, as well as 16 memory care units.
