GLEN ALLEN, Va. — Ziegler has closed approximately $171 million in bond financing for Virginia Baptist Homes doing business as LifeSpire of Virginia. Based in Glen Allen, the nonprofit company owns and operates five continuing care retirement communities in Virginia.
LifeSpire’s properties include Lakewood in Richmond, The Culpeper in Culpeper, The Chesapeake in Newport News, The Glebe in Daleville and The Summit in Lynchburg. Together, the communities total 952 independent living, 225 assisted living, 108 memory care and 226 skilled nursing units.
Proceeds from the bonds will be used to refund bonds from 2016, fund an expansion project at Lakewood and The Summit and fund a portion of interest during construction, as well as pay expenses incurred in connection with the issuance of the bonds.
At Lakewood, the expansion project will add 70 new independent living residences, reposition healthcare offerings to increase assisted living and reduce skilled nursing offerings and upgrade common areas. At The Summit, the project will add 22 new independent living residences.
Ziegler served as the underwriter and placement agent for the bonds.