Ziegler Arranges $61.5M in Bond Financing for 435-Unit CCRC in Austin

by Jeff Shaw

AUSTIN, Texas — Ziegler, a specialty investment bank, has priced $61.5 million in bonds for Westminster Manor, a nonprofit continuing care retirement community (CCRC) in Austin.

Life Care Services has managed Westminster since 1981. The community features 328 independent living units, 22 assisted living units and an 85-bed skilled nursing facility, 30 beds of which are reserved for memory care.

Proceeds of the bonds will be used to refinance bonds from 2010. Westminster will save approximately $588,000 annually, according to Ziegler.

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