LEXINGTON, Va. — Ziegler has arranged $18.9 million in bond financing for Kendal at Lexington, a continuing care retirement community in Lexington, a small city approximately 70 miles east of the West Virginia border.
Kendal at Lexington was chartered in January 1995 on 84 acres in the Blue Ridge Mountains. Located roughly 1.3 miles from Washington & Lee University and Virginia Military Institute, Kendal at Lexington currently consists of 150 independent living units (55 apartments, 95 cottages), 19 assisted living units (includes one dual-occupancy unit) and 60 skilled nursing beds. Kendal Corp. owns and operates the property.
Proceeds of the bonds will be used to refund bonds from 2017, pay cost of issuance and create a debt service reserve fund. The fixed-rate bonds are BBB- rated from Fitch and will be issued through the Industrial Development Authority of the City of Lexington, Virginia. They have a final maturity of 26 years, a weighted average maturity of 20.26 years and an overall yield to maturity of 3.75 percent. This results in annual cash flow savings of $140,316.