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BLACKSBURG, Va. — Ziegler has completed an $18 million taxable bank placement for Warm Hearth Village, a continuing care retirement community in Blacksburg.
Warm Hearth was founded in 1974 and provides housing, health care and other services to seniors on its 220-acre campus through the operation of 259 independent living units, 55 active adult units, 150 assisted living units and 60 skilled nursing beds.
The financing will be used to consolidate three existing bank placements and pay for $2 million in campus improvements.
National Bank of Blacksburg provided the funds, which reduce Warm Hearth’s annual debt service payments by approximately $550,000.