CHARLOTTESVILLE, Va. — Ziegler has arranged $53 million in bond financing for Westminster-Canterbury of the Blue Ridge (WCBR), a continuing care retirement community in Charlottesville.
WCBR is located 4.6 miles from the main campus of the University of Virginia and 5.4 miles from Thomas Jefferson’s Monticello. Since opening in 1990, WCBR has seen continual growth and expansion, currently offering 281 independent living units (221 apartments and 60 cottages), 45 assisted living units, 12 memory care beds and 52 nursing beds.
The financing included two series of bonds, which will refund all of WCBR’s existing indebtedness. The borrower is undertaking the refinancing to lock-in a historically low cost of capital while extending the final maturity of its debt to increase debt capacity for future borrowing needs.
The first bond series will be used to refund the 2016 and 2016 bonds held by Truist Bank. The new bonds have a final maturity of 27 years, a weighted average maturity of 16.3 years and an overall yield to maturity of 2.97 percent. The second bond series has a final maturity of 32 years, a weighted average maturity of 29.4 years and an overall yield to maturity of 3.57 percent.