WILLIAMSBURG, Va. — Ziegler has arranged $58.2 million in a mix of bond financing and loans for WindsorMeade Williamsburg, a continuing care retirement community in Williamsburg.
The community sits on an approximately 105-acre campus that currently consists of 181 independent living units, 14 assisted living units, 18 memory support units and 22 skilled nursing beds. All of the skilled nursing beds are Medicare certified and WindsorMeade is in the application process to receive Medicaid certification.
In 2013, faced with liquidity and occupancy challenges, WindsorMeade reached an agreement with a majority of its secured creditors to restructure and refinance its 2007 debt obligations utilized to finance construction of the community (the “Restructuring”). To implement the restructuring, WindsorMeade pursued a voluntary Chapter 11 reorganization. Since the restructuring, WindsorMeade’s financial performance and occupancy has materially improved, according to Ziegler.
The bonds and taxable loan were all placed with Truist. The funds will be used to refinance existing debt and fund $3 million in capital expenditures.
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