The Stayton at Museum Way, Fort Worth’s first and only full service life care senior living community, announced today it has pre-paid $4.4 million toward retiring its bond financing. The Stayton opened in October of this year and has enjoyed a very positive reception despite an economy still recovering from recession. Currently, there are already 130 residents in place at the community.
“We are pleased to be ahead of the schedule set for meeting this financial goal,” said Justin Spooner, executive director of The Stayton. “The Stayton construction came in on-time and under-budget, which allowed us to use excess project contingency dollars to pay down short-term debt, saving on interest expense. This is a direct advantage for our residents, and helps us continue to provide the superior living experience they have chosen to have here.”
The Stayton, a 501(c)3 not-for-profit community, was financed through tax-exempt municipal bonds. Tax-exempt bonds are the most reliable funding instrument used to finance not-for-profit CCRCs, including other senior living communities in Fort Worth.
“The Stayton is funded by municipal bonds which provide for a fixed rate of interest, which allows corporations like its parent company, Senior Quality Lifestyles, to plan ahead and allow for debt service payments,” said Rich Scanlon of Ziegler Financial, a leading, national underwriter for senior living communities. “That’s why all 11 not-for-profit CCRCs financed since 2009 have used that particular financial instrument.”
Scanlon went on to explain that the predictable rates of municipal bonds put them in sharp contrast to variable rate bank loans, which provide less rate certainty and are dependent on periodic bank renewal of the loan. Scanlon added that the fixed rate capital structure of The Stayton—combined with the high marketability of winning design and location—put the mid-rise community in a solid position for long-term stability.
“Our ability to make this early payment makes a statement about the financial strength of The Stayton and of our parent company, SQLC,” said Charlie Brewer. “The Stayton’s four operational sister communities in Texas have all reached occupancy levels of 95-plus percent. When you consider the robust state of the Fort Worth economy, The Stayton’s excellent So7 location, the limited supply of upscale senior housing in Fort Worth, and the coming age wave, we see a very bright future for this community.”
Located in Fort Worth’s Cultural District, The Stayton at Museum Way is an 11-story, three building community featuring 188 independent living residences with a variety of spacious one-, two- and three-bedroom floor plans. In addition to resort-style independent living, The Stayton provides onsite assisted living, memory support, and private skilled nursing for life care residents and others in the community.
The Stayton at Museum Way is a 501(c)3 not-for-profit senior living community sponsored by Senior Quality Lifestyles Corporation (SQLC), a Texas-based nonprofit organization that sponsors sister communities The Buckingham in Houston, Edgemere in Dallas, Querencia at Barton Creek in Austin, Mirador in Corpus Christi and The Barrington at Carmel in Indianapolis. For information call (817) 439-6936 or visit www.thestayton.com.