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Ziegler Provides $111M Financing on Austin Retirement Facility
Boutique investment bank Ziegler recently closed on $110,875,000 Series 2020 Bank Bonds to finance an expansion at Westminster. The property is a continuing care retirement community in west central Austin.
The bonds include a $63,875,000 Series 2020A long-term component with a 30-year amortization and a $47,000,000 Series 2020B short-term loan. Proceeds will be used to finance construction of a new five-story building with a mix of independent living, memory care and assisted living units; construction of another five-story building with a wellness node and 18 independent living units; and renovations to the property’s existing Windsor Building.
The search for financing began pre-pandemic last December and the lending environment changed in the interim. “I am proud that the entire team reacted quickly and we were able to provide a financing solution at an attractive cost of capital in the midst of the COVID-19 pandemic,” said Brandon Powell, managing director at Ziegler.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development
