Ziegler announced the closing of Westminster’s $83.94 million Series 2025 bonds issued through the New Hope Cultural Education Facilities Finance Corporation. Westminster is a Texas-based not-for-profit organization that owns Westminster, a CCRC in Austin. The CCRC sits on nine acres and includes 367 independent living, 36 assisted living and 38 memory care units as well as 85 skilled nursing beds. Life Care Services has provided management services to the community since 1981.
Proceeds of the Series 2025 bonds will be used, together with other available funds, to finance the costs of campus improvements (the Phase IV project), refinance the outstanding Series 2016 bonds and pay the costs of issuance of the 2025 bonds. The Phase IV project is the final part of a multi-phased expansion of the community and consists of new construction and renovation to existing buildings designed to enhance building connectivity and amenities.
