FORT WORTH, Texas — Ziegler has arranged $131.4 million in bond financing for the development of Stevenson Oaks, a planned senior living community in Fort Worth. The property will feature 172 independent living units as well as an assisted living center with 40 assisted living units and 24 memory care units.
The community will be situated within Tavolo Park, a new master-planned commercial and residential project in the southwest portion of the city. The surrounding Tavolo Park development will provide two restaurants and a variety of activities for Stevenson Oaks residents. A timeline for construction was not disclosed.
Methodist Retirement Communities (MRC), a nonprofit seniors housing owner based in Texas, was the borrower. MRC retained Greystone to act as development consultant for the community and to serve as operator for the first several years following completion. Eventually, MRC plans to take over operations itself.
When the community begins to approach stabilized occupancy, MRC and Greystone intend to evaluate the market for a potential Phase II of construction.
MRC owns seven market-rate seniors housing communities and five affordable housing properties throughout Texas for a total of 1,637 units. The company was established in 1962.
Ziegler, which served as underwriter, is a privately held investment bank, capital markets and proprietary investments firm. The bank specializes in the healthcare, senior living and education sectors.
— Kristin Hiller