Ziegler Arranges $56.9M Bond Financing for Westminster CCRC Expansion in Austin

by Jeff Shaw

AUSTIN, Texas — Ziegler has arranged $56.9 million in bond financing through the New Hope Cultural Education Facilities Finance Corp. for an expansion at Westminster, a continuing care retirement community (CCRC) in Austin.

The community is located on approximately 9.3 acres in west central Austin and comprises 324 independent living units, 22 assisted living units and 85 skilled nursing beds (of which 30 are utilized for memory care).

Life Care Services (LCS) has operated the property since 1981. Additionally, LCS is providing development services for Westminster’s expansion project.

The project includes:

  • A new, five-story building with three stories of underground parking (297 spaces), which will add 43 independent living units, 36 assisted living units, 38 memory care units and expanded common areas.
  • A new, five-story infill tower with 15 underground parking spaces, 18 independent living units and a wellness node with fitness center, therapy space and a clinic.
  • Renovation of the existing Windsor building including enhancing common areas, repurposing 30 skilled nursing memory care units to skilled nursing short-term rehab, and converting 22 assisted living units to independent living units.

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