Senior Quality Lifestyles Corporation Announces Completion of $164,855,000 in Financing for The Stayton at Museum Way

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Senior Quality Lifestyles Corporation (SQLC), a Texas-based nonprofit developer of senior living communities, announces that financing has been completed for its latest project, The Stayton at Museum Way. A 501(c)3 nonprofit life care retirement community, The Stayton at Museum Way will be constructed on 2.5 acres of land located at Stayton Street and Museum Way in the Fort Worth Cultural District. Financing was completed through the sale of $164,855,000 in revenue bonds. Ziegler Capital Markets served as bond underwriter for the transaction. The announcement was made by Charles B. Brewer, president and CEO of SQLC.

Rendering of The Stayton at Museum Way

“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 Quality Lifestyles Corporation (SQLC), a Texas-based nonprofit developer of senior living communities, announces that financing has been completed for its latest project, The Stayton at Museum Way. A 501(c)3 nonprofit life care retirement community, The Stayton at Museum Way will be constructed on 2.5 acres of land located at Stayton Street and Museum Way in the Fort Worth Cultural District. Financing was completed through the sale of $164,855,000 in revenue bonds. Ziegler Capital Markets served as bond underwriter for the transaction. The announcement was made by Charles B. Brewer, president and CEO of SQLC.

“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 Brewer. “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.”    

A premier residential address, the 11-story community will serve 188 families seeking an active lifestyle in the heart of the West 7th Cultural District. Construction is underway, and the community is scheduled to open in 2011.

“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.”

SQLC sponsors similar communities in Dallas (Edgemere), Houston (The Buckingham), and Austin (Querencia at Barton Creek). A fifth community, located in Corpus Christi (Mirador), is currently under development with construction expected to begin by the end of the year.

According to Greystone Communities, the Irving, Texas-based development partner, the economic impact of the project for the Fort Worth community will be significant.

“The Stayton will support the Fort Worth economy in a big way with a $78,000,000 construction contract,” said Burt Derr, vice president, development for Greystone Communities. Derr projects that, at the peak of construction, Andres Construction will employ more than 500 construction personnel.

The level of service that will be provided to residents of The Stayton means an influx of jobs for the Fort Worth community as well. “A hallmark of all of the SQLC communities is an emphasis on quality and hospitality. After The Stayton opens, more than 150 full-time staff members will serve the residents,” said Harold Weyand, vice president, management services for Greystone.

Residences are available in one-, two- and three-bedroom floor plans ranging in size from 850-square feet to more than 2,500-square feet. The Stayton at Museum Way will be the only full service life care community serving Fort Worth with priority access to onsite assisted living, memory support and private skilled nursing at a predictable cost. Over 75 percent of the available residences have been reserved. For information, visit http://www.thestayton.com, or call (817) 439-6936.

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Beth Wilbins

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