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 development 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 that will cover both project costs and additional expenses. The Long-Term Bonds have a total value of $258.23 million with an average maturity period of 27.2 years and yield rate of 6.69%. On the other hand, the Tax Exempt Mandatory Paydown Securities SM amount to $165.25 million with an average yield rate of 5.61% over a 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 among top life plan communities in its local market as well as within senior living industry.” He further added that “the additionof Bay Tower project would bring about significant changes by enhancing their scale while also strengthening their financial position for future endeavors.”
This financing deal marks another successful venture for Ziegler who continues to be at forefront when it comes to providing expert financial solutions within senior living sector.
