DALLAS — Ziegler, a specialty investment bank, has arranged $94 million in financing for Northwest Senior Housing Corporation, the nonprofit operator of continuing care retirement community (CCRC) Edgemere in Dallas.
Edgemere is located on an approximately 16.25 acre site leased from an unrelated third party. The first phase of the community, consisting of 256 independent living units, 60 assisted living units, 31 memory care units and 72 skilled nursing beds, opened in December 2001 and achieved stabilized occupancy in 2004. The second phase of the community, consisting of 48 independent living units, opened in September 2007 and achieved stabilized occupancy in October 2008.
Proceeds of financing will be partially used to fund renovations to Edgemere, which include the addition of eight assisted living units, 11 memory care units, and 15 private skilled nursing beds. The community will also add a 72-space parking garage and 4,000-square-foot performing arts center.