Ziegler Arranges $76.9M Bond Financing for Williamsburg Landing Expansion in Virginia

by Jeff Shaw

WILLIAMSBURG, Va. — Ziegler has arranged $76.9 million in bond financing for an expansion project at Williamsburg Landing, a continuing care retirement community in Williamsburg.

Williamsburg Landing is located on 138.56 acres. It was founded in 1982 and since opening its doors has grown to include 317 independent living apartments, 73 assisted living units, 36 memory care units and 58 health and rehabilitation units.

In 2018, Williamsburg Landing acquired 15.3 acres of undeveloped land adjacent to the existing campus, on which the owners plan to develop an expansion known as Anchor Cove that will feature 27 terrace homes, 12 villa apartments and a new community center. 

Williamsburg Landing also plans to construct a new maintenance building, as well as site work and infrastructure that would allow for 38 additional independent living units in Anchor Cove in the future if the market and demographics warrant such expansion.

The bonds consist of two primary tranches of non-rated, public, fixed-rate bonds and one tranche of direct bank bonds issued through the Economic Development Authority of James City County, Virginia.

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