Senior Quality Lifestyles Corporation (SQLC), a Texas-based nonprofit sponsor of senior living communities, announced that financing was recently completed for its latest project, Mirador. Ziegler Capital Markets served as bond underwriter of the $79 million financing for the the 17-acre campus scheduled to open in 2011. Construction is underway for the Corpus Christi, Texas gated community and will include approximately 125 customized independent living apartment homes, each with a fully equipped kitchen, washer and dryer, and 24-hour emergency response system, as well as 44 private assisted living suites, 41 private rooms for dignified nursing care, and 18 private residences for memory support. According to Greystone Communities, the Irving, Texas-based development partner, the economic impact of the project for the Corpus Christi community will be significant.
“We are pleased to complete the successful financing of Mirador 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 senior living community, the talented team that has brought it to the market, and truly the market itself – Corpus Christi – which has embraced the project.”
The community will serve 125 families seeking an active lifestyle and a premier address close to local restaurants, shops and attractions.
“Mirador will support the Corpus Christi economy in a big way with a $32,000,000 construction contract,” said Burt Derr, Vice President of Developmental Services of Greystone Communities. Derr projects that, at the peak of construction, Andres Construction will employ more than 300 construction personnel.
