Ziegler has successfully closed financing for Shenandoah Valley Westminster-Canterbury, (SVWC) a large CCRC in Winchester, Virginia. The financing consists of $71 million Series 2022A and 2022B bonds, for the Virginia-based not-for-profit. Founded in 1982, SVWC serves nearly 400 residents on its 87-acre campus with 218 independent living units (164 apartments and 54 cottages), 48 assisted living units, 12 memory care units and 51 skilled nursing beds.
Plans for an independent living expansion project are in place, which will include 48 new units. To fund the expansion, SVWC issued two tranches of draw down bank loans that were purchased by Atlantic Union Bank and Pinnacle Financial Partners under a participation agreement.
The $51 million Series 2022A long-term bond has a 12-year bank commitment period at pricing of 79% of CME Term SOFR plus 1.10%. The $20 million Series 2022B intermediate-term bond has a 4.5-year final maturity and will be repaid with initial entrance fees from the project. Those bonds are priced at 79% of CME Term SOFR plus 1.10%.
