Nonprofit Lands $18M Refi for Virginia Senior Community
- Jul 20, 2020
The Warm Hearth Foundation has received $18 million to refinance Warm Hearth Village, a nonprofit senior community in Blacksburg, Va.
Ziegler secured the Series 2020 financing from the National Bank of Blacksburg, structured with a 20-year amortization period at a fixed rate of 3.3 percent, which will reset after 10 years. The nonprofit will use the proceeds to consolidate existing debt; additionally, $2 million will be invested in campus improvements.
Operating since 1974 at 2387 Warm Hearth Drive, the continuum of care community provides housing, health care and other services to seniors aged 55 and over. The 220-acre campus consists of single-family homes and apartment buildings housing 259 independent living units, 55 active adult units, 150 assisted living units and 60 skilled nursing beds. Amenities include an intra-village transportation system, fitness center, indoor pool and café. Resident services feature rehabilitative therapies, medication management and personal care, among others.
Situated some 5 miles south of downtown Blacksburg near U.S. Route 460, the property is close to the Virginia Tech campus.
Last month, Ziegler arranged $45.2 million in Series 2020 bank bonds for the refinancing of a senior community in Germantown, Tenn. The funding paid out existing Series 2012 notes.