The Buckingham Secures More Than $109,000,000 in Financing for Expansion Project

Business and Professional

August 19, 2015


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 expansion and renovation of The Buckingham, Houston's premier senior living community. Financing was completed through the sale of $109,380,000 series 2015 bonds. The project will add 80 new jobs to the local economy and provide resort-style living for nearly 200 additional residents. Ziegler Capital Markets served as bond underwriter for the transaction.  The announcement was made by Charles B. Brewer, president and CEO of SQLC.

 

In discussing the project, Brewer said, "We are so pleased to have reached this latest project milestone. The Buckingham has been at or near 100% occupancy for quite some time, so we are thrilled to have this opportunity to offer the excellent care that The Buckingham is known for, to many more people in the Houston area."

 

Construction has already begun, and the expansion will add 187 total residences to its Memorial neighborhood location. Currently, The Buckingham has 204 independent living apartments, 43 assisted living suites, 16 memory care residences and 60 private skilled nursing rooms.

 

The Buckingham acquired six additional acres to accommodate the project and will add 106 independent living apartment homes, 33 assisted living suites, 18 memory care residences and 32 private skilled nursing rooms. The new independent living apartment homes will be offered in one-, two- and three-bedroom floor plans.

 

"This is an exciting time for seniors in Houston," said Julie Fenske, executive director of The Buckingham.  "This expansion ensures that we are able to offer residents the latest in technology and hospitality. As baby boomers continue to retire at rapid rates, we want to make sure we have the bandwidth to serve them. The entire staff here has worked hard to build a reputation of excellent care and outstanding services and amenities. When finished, we will be able to take retirement living to the next level."

 

Irving, Texas-based Greystone Development Company, LLC, will be the development consultant for the expansion project.  Dallas-based D2 architect firm will design the expansion.  Other project partners include Andres Construction, Kimley-Horn, and Bridget Bohacz & Associates. The expansion is scheduled for completion in 2017.

 

Image courtesy of The Buckingham

Image 1: The Buckingham exterior