Ziegler, a leading financial services firm, has successfully priced the $423 million Series 2023 Bonds for Westminster-Canterbury on Chesapeake Bay. This funding will support the expansion of their senior living community in Virginia Beach, VA which includes a new 22-story Bay Tower. The project will add 226 Independent Living Units and other amenities such as a parking garage and rooftop deck.
The Series 2023 Bonds consist of two tranches to cover both project costs and additional expenses. The Long-Term Bonds have an impressive total value of $258.23 million with an average maturity period of 27.2 years and yield rate at 6.69%. Meanwhile, the Tax Exempt Mandatory Paydown Securities SM amount to $165.25 million with an average yield rate at5 .61% over a shorter maturity period of just under four years.
According to Tad Melton, managing director at Ziegler Senior Living Finance,”Westminster-Canterbury on Chesapeake Bay is recognized as one of the top life plan communities in its local market as well as within the senior living industry.” He also added that “the additionoftheBayTowerprojectwillbring significant growthandfinancial stabilitytoextendtheirmissionfor manyyears ahead.”
This financing marks another successful venture for Ziegler who continues to provide expert financial solutions for various industries including senior living communities like Westminster-Canterbury on Chesapeake Bay in Virginia Beach.
