Ziegler announced the closing of Series 2025 bonds for Shenandoah Valley Westminster-Canterbury. Tad Melton and the Mid-Atlantic Team led the transaction on behalf of the sponsor, which has partnered with Ziegler for 20 years.
Shenandoah Valley Westminster-Canterbury (SVWC) is a Virginia not-for-profit organization that owns and operates a CCRC located in Winchester, Virginia. It was founded in 1982 and provides housing, health care, and other services on its 87-acre campus through the operation of 311 independent living units (257 apartments and 54 cottages), 48 assisted living units, 12 memory care units and 51 skilled nursing beds.
Having recently completed a two-phase, 97-unit independent living expansion project, SVWC has now effectively built out its existing campus. In early 2025, SVWC was approached by the owner of roughly 90-acres of undeveloped land contiguous to their campus. Recognizing the value of the additional land for future development opportunities, SVWC acquired the land and financed the purchase by issuing a Series 2025 Direct Bank bond totaling $16.47 million, purchased by Atlantic Union Bank, with an eight-year commitment period at terms and pricing matched to their existing debt. Ziegler worked with SVWC’s existing lenders to lower the credit spread and modify the amortization on their existing Series 2023A Direct Bank bond, to lessen their annual debt service requirements in the near-term.
