REBusinessOnline

Ziegler Arranges $110.9M Financing for Seniors Housing Expansion Project in Austin

Westminster-Austin

The expansion of Westminster, a continuing care retirement community in Austin, will deliver units for a variety of services along the seniors housing spectrum, as well as a range of new amenities.

AUSTIN, TEXAS — Ziegler has arranged $110.9 million in financing for Westminster, a nonprofit continuing care retirement community (CCRC) in West Central Austin. Senior living owner-operator LCS has managed the 9.3-acre property since 1981. The community currently comprises 327 independent living units, 22 assisted living units, 30 memory care units and 55 skilled nursing beds. The expansion project will add a five-story building with 43 independent living apartments, 38 memory care units, 36 assisted living units and additional dining, parking and amenity areas. The project will also deliver a five-story building with a fitness center, physical therapy space, salon, clinic, 15 spaces of underground parking and 18 independent living apartments. Truist provided the financing, which consisted of $63.9 million in bank bonds and a $47 million loan that was structured with a 12-year term and a 30-year amortization schedule. A construction timeline for the expansion project was not released.

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