FORT WORTH, TEXAS — Texas-based senior housing developer Senior Quality Lifestyles Corp. (SQLC) has secured financing for its latest retirement community. The nonprofit company raised $164.85 million through revenue bonds underwritten by Ziegler Capital Markets to finance the project. Known as The Stayton at Museum Way, the senior housing project will be located on 2.5 acres within Fort Worth's Cultural District at the intersection of Stayton Street and Museum Way. The 11-story building will contain 188 residences in a mix of one-, two- and three-bedroom units ranging in size from 850 to more than 2,500 square feet. The community will provide assisted living, memory care and private skilled nursing services.
Construction is under way for the project, which is scheduled to open in 2011. Currently, more than 75 percent of the residences have been reserved. Andres Construction is serving as the project's general contractor. SQLC is co-developing the project with Irving, Texas-based Greystone Communities.
In a statement, Charles Brewer, president and CEO of SQLC, said, “We are pleased to complete the successful financing of The Stayton in the face of what has been not only a very difficult financing period, but one of the most challenging economic periods for our economy in my business career. I believe it reflects very favorably on the concept and design of this retirement community, the talented team that has brought it to market, and truly the market itself, which has embraced the project.”
SQLC currently has three additional Texas communities: Edgemere in Dallas, The Buckingham in Houston and Querencia at Barton Creek in Austin. A fourth community is under development in Corpus Christi. Known as Mirador, it is slated to break ground by the end of the year.
— Coleman Wood