Ziegler Arranges $193.2M Financing for Westminster Canterbury Richmond CCRC

by Jeff Shaw

RICHMOND, Va. — Ziegler has arranged $193.2 million in bond financing for Westminster Canterbury Richmond, a continuing care retirement community (CCRC) in Richmond.

Opening in 1975 as one of the first CCRCs in Virginia, Westminster Canterbury Richmond has become one of the largest single-site campuses with 809 total units (487 independent living, 164 assisted living and 158 skilled nursing).

In 2019, Westminster Canterbury Richmond announced the Vibrancy! Project, an expansion designed to enrich the community in all aspects. The project will be constructed in two major areas on the campus:

  • The Vitality Tower: 42 new independent living apartments that will sit atop a new fitness and wellness center. The fitness and wellness center will attach directly to a new indoor swimming pool and will include multiple group exercise rooms and a connecting gallery to the campus’s central building. The connecting gallery will include a salon, barber shop, movie room and meditation space.
  • The Village Apartments: 76 new independent living units located in four hybrid apartment buildings. The buildings will be organized around a common green space with a clubhouse that will include both indoor and outdoor event space.

The Project team consists of Jones Lang LaSalle as project manager, SFCS Inc. as architect, Gilbane Building Company and Henderson Inc. as general contractor and CliftonLarsonAllen as feasibility consultant.

The financing comprises a mix of public fixed rate bonds and direct bank bonds issued through the Economic Development Authority of Henrico County, Virginia.

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