Ziegler Closes $95M Financing for Austin Asset
The five-star, CMS-rated community encompasses 301 independent living units, assisted living suites and nursing beds, sponsored by the alumni association of the University of Texas.
By Anca Gagiuc
Ziegler has secured $94.7 million in bond financing for Longhorn Village, a 301-unit retirement community located in Austin. The five-star Centers for Medicare & Medicaid Services-rated community is sponsored by the alumni association of the University of Texas, an entity called The Ex-Students’ Association of the University of Texas (the Texas Exes).
Proceeds from the bonds will advance-refund $85.1 million of the community’s 2012 bonds, as well as fund $2 million for routine capital expenditures and a debt reserve fund.
Longhorn Village is spread across 55 acres at 12501 Longhorn Parkway in northwest Austin and consists of:
- 214 entrance fee independent living units (173 apartments and 41 villas)
- 20 assisted living suites
- 16 memory support assisted living suites
- 60 skilled-nursing beds
Community amenities include:
- business center
- wellness center
- internet café
- enclosed, heated swimming pool
- fitness center
- auditorium/multipurpose room
- storage area
- walking paths and trails
- beauty/barber shop
- woodworking shop
- chapel/meditation room
- on-site medical clinical
- blue agave day spa
“This is truly a one-of-a-kind structure. Not only was Longhorn Village able to significantly reduce its interest expense but it was also simultaneously able to finalize the option agreement (and pending membership substitution) to join the Brazos Presbyterian Homes family,” Brandon Powell, managing director in Ziegler’s senior living practice, said in a prepared statement.
Photo courtesy of Longhorn Village