New Mexico’s first continuing care retirement community will begin an expansion and improvement project after closing a $24 million bond financing last month. El Castillo Retirement Residences, located in Santa Fe, will use proceeds from these bonds to construct seven new assisted living apartments, 11 new memory support units and space for 12 new private skilled nursing beds. Fourteen existing semi-private nursing beds will also be converted into seven private beds. Approximately half of the proceeds will go toward refunding El Castillo’s Series 1998 Bonds.
El Castillo has served since 1971 as Santa Fe’s only Life Care community. This expansion project is scheduled for completion in winter 2013–14. Greystone is serving as development consultant.