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PALO ALTO, CA-Construction is under way for the Taube-Koret Campus for Jewish Life, a project here that includes an expansion of the Albert L. Schultz Jewish Community Center, including a 193-unit senior living facility. The $343-million, 8.5-acre development is being financed with $300 million of variable-rate demand bonds.
The housing will consist of 182 independent living units, including 24 that are affordable housing. An additional 11 suites would include memory-support units. The community center will total 135,000 sf and include a social/cultural hall; preschool; studios, meeting rooms and classrooms; indoor and outdoor pools; fitness center; gymnasium; teen center; café; and gift shop.
The Albert L. Schultz Jewish Community Center is borrowing $133 million for the expansion of the Jewish Community Center facilities while a nonprofit called 899 Charleston is borrowing $165 million for the senior housing component. Once the community center is expanded, it will be renamed the Oshman Family Jewish Community Center.
The development site is located at 901 San Antonio Rd. Construction began in August. The tentative opening date is September 2009.
The Taube-Koret Campus for Jewish Life was formed as a nonprofit in 2002 to acquire real estate and raise funds for the project. The ABAG Finance Authority for Nonprofit Corporations issued the bonds. Cain Brothers & Co. was the underwriter. The law firm of Steefel, Levitt & Weiss advised 899 Charleston on the transaction while Folger Levin & Kahn LLP advised the JCC.
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