Senior Quality Lifestyles Corporation (SQLC), a Texas-based nonprofit developer of senior living communities, announced last month that financing has been completed for The Stayton at Museum Way. The financing was completed through the sale of $164,855,000 in revenue bonds and Ziegler Capital Markets served as bond underwriter for the transaction. Construction is underway on the 2.5 acre parcel and the 11-story community is scheduled to open in 2011. According to the developer, the project will employ more than 500 people during its construction.
“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,” said Charles B. Brewer, president and CEO of SQLC. “I believe it reflects very favorably on the concept and design of this retirement community, the talented team that has brought it to the market, and truly the market itself – Fort Worth – which has embraced the project.”
“The financing of The Stayton at Museum Way in these challenging economic times speaks highly of the reputation of Senior Quality Lifestyles Corporation within the financial community,” said Rich Scanlon, managing director, Ziegler Capital Markets, Senior Living Finance. “It is a testament to the organization’s track record of successful development and management of senior living communities across Texas.”