PMMA Breaks Ground on $140 Million New Life Plan Community in Colorado Springs
Greystone is pleased to share that Presbyterian Manors of Mid-America (PMMA) has broken ground on their newest campus, Aberdeen Ridge, thanks to the recent successful closing of their $140,020,000 Series 2021 Bonds issued through the Colorado Health Facilities Authority and underwritten by Ziegler.
PMMA, a faith-based, not-for-profit corporation headquartered in Wichita, KS, operates 15 senior living communities and 2 hospices across Kansas, Missouri, and now Colorado. For more than 70 years, PMMA has provided quality senior services guided by Christian values.
Expanding into a New Market
In 2018, PMMA acquired a Texas nonprofit corporation, which owned an undeveloped 15.25-acre site within 1.5 miles of Garden of the Gods National Park, and which already had the permits and approvals for a senior living community.
Aberdeen Ridge is expected to open for residents in 2023 and will feature 171 one and two-bedroom independent living residences, 40 assisted living apartments, and 24 memory care suites. The homes will vary in size and will start at a monthly fee of approximately $3,650 and an entrance fee of approximately $375,000.
“We are thrilled to reach this significant milestone after years of planning,” commented Stuart Jackson, Senior Vice President of Client Services at Greystone. “We have enjoyed a long and fruitful relationship with PMMA and are excited to see them expand into Colorado.”
“PMMA continues to be excited for the opportunity to expand our mission of serving seniors to the Colorado Springs area,” stated Bruce H. Shogren, President and Chief Executive Officer of PMMA. “We look forward to the development and completion of Aberdeen Ridge and the opening of its doors to our initial residents’ and their new home.”