Washington DC CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Ziegler Prices $423M Financing for Virginia Beach Senior Living Community
Ziegler priced Westminster-Canterbury on Chesapeake Bay’s $423.48 million Series 2023 Bonds, funding an expansion including a 22-story Bay Tower in Virginia Beach, VA.
The development adds 226 Independent Living Units, a parking garage, and facilities including a rooftop deck. The Series 2023 Bonds comprise two tranches, funding the project and additional expenses. The Long-Term Bonds total $258.23 million with a weighted maturity of 27.2 years and a yield of 6.69%. The Tax Exempt Mandatory Paydown Securities SM, amounting to $165.25 million, feature a blended average yield of 5.61% with a maturity of 3.8 years.
“Westminster-Canterbury on Chesapeake Bay is a premier life plan community in its local market and the broader senior living industry,” said Tad Melton, managing director of Ziegler Senior Living Finance. “The Bay Tower project will be transformative, adding scale and financial strength to extend their mission well into the future.”
- ◦Development
- ◦Financing
