Ziegler Closes $193,195,000 Financing For Westminster Canterbury Richmond

By Samantha Herron.
Updated May 10, 2022

CHICAGO (PRWEB) May 10, 2022 - Ziegler, a specialty investment bank, is pleased to announce the successful closing of the Westminster Canterbury Richmond $193,195,000 Series 2022A, 2022B and 2022C Bonds (collectively, the Series 2022 Bonds).

Westminster Canterbury Corporation is a Virginia not-for-profit corporation incorporated in 1971 that owns and operates a Life Plan Community in Richmond, Virginia known as Westminster-Canterbury Richmond (the Community). Opening in 1975 as one of the first Life Plan Communitys in Virginia, Westminster Canterbury Richmond has become one of the largest single-site campuses with 809 total units (487 independent living units, 164 assisted living units, 158 nursing units) ranking 10th in the United States according to the 2021 LeadingAge Ziegler 200.

In 2019, Westminster Canterbury Richmond announced the Vibrancy! Project (the Project), an expansion project that is designed to enrich the Community in all aspects. The Project will be constructed in two major areas on the campus as outlined further below:

The Project team consists of: Jones Lang LaSalle (Project Manager), SFCS Inc. (Architect), Gilbane Building Company and Henderson, Inc. (General Contractor), and CliftonLarsonAllen (Feasibility Consultant).

The Series 2022 Bonds are comprised of a mix of public fixed rate bonds and direct bank bonds issued through the Economic Development Authority of Henrico County, Virginia. Proceeds of the Series 2022 Bonds will be used, together with other available funds to, (1) finance the costs of the Vibrancy! Project, (2) fund a portion of interest during construction and (3) pay certain expenses incurred in connection with the issuance of the Series 2022 Bonds. The individual components of the Series 2022 Bonds are outlined further below:

Tommy Brewer, Managing Director in Zieglers Senior Living Finance Practice stated, Ziegler is honored for the opportunity to continue our relationship with Westminster Canterbury Richmond. The Vibrancy! Project will further enhance one of the nations premier Life Plan Communities abilities to serve both its current and new residents. Brewer continued, Specifically impactful to the financing was the management teams attention to detail and ability to move quickly and efficiency to secure an attractive cost of capital in a rapidly rising interest rate environment.

Ziegler is the nations leading underwriter of financings for not-for-profit senior living providers. Ziegler offers creative, tailored solutions to its senior living clientele, including investment banking, financial risk management, merger and acquisition services, seed capital, FHA/HUD, capital and strategic planning as well as senior living research, education, and communication. For more information about Ziegler, please visit us at http://www.ziegler.com.

About Ziegler: Ziegler is a privately held, national boutique investment bank, capital markets and proprietary investments firm. It has a unique focus on healthcare, senior living and education sectors, as well as general municipal and structured finance. Headquartered in Chicago with regional and branch offices throughout the U.S., Ziegler provides its clients with capital raising, strategic advisory services, fixed income sales, underwriting and trading as well as Ziegler Credit, Surveillance and Analytics. To learn more, visit http://www.ziegler.com.

Certain comments in this news release represent forward-looking statements made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995. This clients experience may not be representative of the experience of other clients, nor is it indicative of future performance or success. The forward-looking statements are subject to a number of risks and uncertainties, in particular, the overall financial health of the securities industry, the strength of the healthcare sector of the U.S. economy and the municipal securities marketplace, the ability of the Company to underwrite and distribute securities, the market value of mutual fund portfolios and separate account portfolios advised by the Company, the volume of sales by its retail brokers, the outcome of pending litigation, and the ability to attract and retain qualified employees.

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