Ziegler Arranges $52.5M Bond Financing for Shenandoah Valley Westminster-Canterbury in Virginia

by Jeff Shaw

WINCHESTER, Va. — Ziegler has arranged $52.5 million in bond financing for Shenandoah Valley Westminster-Canterbury (SVWC). The continuing care retirement community is located in Winchester, approximately 70 miles west of the Washington, D.C. metro area.

SVWC was founded in 1982 and provides housing, healthcare and other services to nearly 400 residents on its 87-acre campus through the operation of 217 independent living units (164 apartments and 53 cottages), 48 assisted living units, 12 memory care units and 51 skilled nursing beds.

SVWC is completing an independent living villa apartment expansion project, the first phase of which was financed by Ziegler in 2022 and will includes 48 new independent living villa apartments. The second phase of the project that is being financed with the new bonds includes an additional 49 independent living villa apartments for which SVWC issued two tranches of draw-down bank loans that were purchased by Atlantic Union Bank and Pinnacle Financial Partners.

The two tranches include:

  • a $27.5 million 10-year bank commitment period with an accreting swap that mitigates interest rate risk through the bank commitment period.
  • a $25 million intermediate-term bond with a 30-month maturity to be repaid with entrance fees to the expansion.

“Shenandoah Valley Westminster-Canterbury is one of the strongest single-site life plan communities in the nation,” says Tad Melton, managing director, Ziegler Senior Living Finance.

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