Ziegler Arranges $423.5M Bond Financing for Westminster-Canterbury on Chesapeake Bay in Virginia Beach

by Jeff Shaw

VIRGINIA BEACH, Va. — Ziegler has arranged $423.5 million in bond financing for Westminster-Canterbury on Chesapeake Bay (WCCB), a continuing care retirement community in Virginia Beach.

The community is located on a 12-acre property fronting the Chesapeake Bay and currently includes 424 independent living units, 66 assisted living units, 14 memory care units and 108 skilled nursing beds. In addition, WCCB owns and operates a 172-unit rental independent living community called Opus Select, located a half mile away from the community.

WCCB is carrying out an expansion to the community, consisting of a new 22-story independent living apartment building totaling approximately 740,000 square feet on land adjacent to the community. The new building, named The Bay Tower, will include 226 new independent living units, most of which will have views of the Chesapeake Bay, Atlantic Ocean or Lynnhaven River. The project also includes construction of a five-story parking garage to include 396 spaces. 

The Bay Tower, which HKS Architects designed, will also include luxury amenities such as a theater, game and entertainment room, sunrise lounge and rooftop amenity deck located on top of the parking garage. The amenity deck features outdoor seating/dining, a plunge pool, outdoor gaming activities and a pickleball court. The 19th floor will also be home to a sky lounge with a wine bar.

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