AUSTIN, Texas — Ziegler, acting as bank placement agent, has arranged $110.9 million in financing for Westminster, a nonprofit continuing care retirement community (CCRC) in West Central Austin.
LCS has managed the property since 1981. Located on approximately 9.3 acres, the community comprises 327 independent living units, 22 assisted living units, 30 memory care units and 55 skilled nursing beds.
The financing is a combination of $63.9 million in bank bonds and a $47 million short-term loan. The borrower expects to retire the short-term loans using entrance fees from an expansion project.
LCS is leading the new development, which will include:
- A new, five-story building containing 43 independent living apartments, 38 memory care units, 36 assisted living units, and additional dining, parking and amenity areas.
- A new, five-story tower containing a wellness node with a fitness center, physical therapy space, salon, clinic, 15 spaces of underground parking and 18 independent living apartments.
- Renovation of the Windsor Building dining room, lobby, therapy space, assisted living units and memory care units.
- Converting existing fitness and craft room to pool locker rooms.
To obtain the financing, Ziegler initiated a bank solicitation search in December 2019. Truist is providing the loans, which include a 12-year term, 30-year amortization and LIBOR-based rate.