Business & Real Estate
- Published on Wednesday, 13 February 2013 00:00
- Written by Special to the Town Crier
The Terraces at Los Altos (model shown left) received a million boost last week.
Specialty investment bank Ziegler recently closed a $71.25 million bond issue for American Baptist Homes of the West to fund construction at The Terraces at Los Altos.
ABHOW was founded in 1949 as Pilgrim Haven Home Corp. with the establishment of Pilgrim Haven retirement community in Los Altos, now named The Terraces at Los Altos. The company upgraded the property over subsequent decades, and today The Terraces boasts 73 residential living apartments, 14 assisted living apartments and 65 skilled nursing beds.
Over the course of the project, 112,000 square feet of building space will be demolished, with only 21,000 square feet retained; new buildings will comprise approximately 180,000 square feet. Construction of the first phase is under way, estimated to be ready for occupancy in July.
The financing will support the construction and equipping of the final two phases of the project.
Following its redevelopment, The Terraces will comprise 105 residential living units, 30 assisted living units, 16 memory support suites and 30 skilled nursing beds.
“ABHOW has done a superb job of balancing the need to update and reinvest in existing communities with executing on strategic growth projects,” said Mary Muñoz, managing director of Ziegler’s Senior Living practice.
For more information, visit www.Ziegler.com or www.theterracesatlosaltos.com.