Ziegler closes $73.5M in financing for Texas community
Ziegler has closed $73.47 million in financing for MRC The Crossings.
In December 2012, MRC purchased approximately 19 acres and began funding the predevelopment and marketing costs of a continuing care retirement community. It will have 116 independent living units, 36 assisted living units, 24 memory-support AL units, a 24-bed rehabilitation wing and a 24-bed skilled nursing wing. It will be in League City, TX, 25 miles outside of Houston.
The final bond structure includes $13 million in temporary debt to be redeemed with proceeds of initial entrance fees after defining levels of working capital and operating reserves. Eighty percent of the ILUs have been pre-sold.
Greystone is the development consultant.