Ziegler is continuing its active month with the arrangement of $71.33 million of Series 2021A and 2021B bonds for a life plan community in Williamsburg, Virginia. Williamsburg Landing, founded in 1982, consists of 317 independent living apartments, 72 assisted living units, 24 memory care units and 73 skilled nursing units.
Prior to this loan, Williamsburg Landing had 14 separate debt obligations provided by three banks totaling nearly $100 million. These new bonds will refinance nine of the existing bank obligations in an effort to simplify their capital structure.
The proceeds of the bonds will be used to refund nine existing bank obligations, pay swap termination payments, fund a debt service reserve fund for the Series 2021A bonds and pay costs of issuance for the bonds. This deal comes on the heels of a $110.1 million financing announced by Ziegler last week for two communities in Wisconsin and Virginia.
