Virginia Senior Housing Lands $71M Refi
The package will retire multiple mortgages at a community in Williamsburg.
Nonprofit Williamsburg Landing has secured a $71.3 million refinancing package for its namesake 486-unit community in Williamsburg, Va. Ziegler provided the Series 2021A Bonds and 2021B Federally Taxable Bonds for the life plan community.
The transaction aims to simplify the debt structure encumbering the senior housing property. The borrower will retire nine of 14 individual mortgages amounting to roughly $100 million, originated by three separate banks.
Williamsburg Landing stretches across 140 acres at 5700 Williamsburg Landing Drive. The community serves residents aged 62 and over.
The property features 317 independent living homes and apartments along with 72 assisted living, 24 memory care and 73 health and rehabilitation units. The independent living homes provide floorplans ranging from 1,465 to 2,650 square feet, while the apartments come in configurations ranging between 645 and 1,900 square feet.
The community includes a 25,000-square-foot health club equipped with a fitness room, an indoor swimming pool, a spa, an art studio, billiards, ping pong and dartboard along with a woodworking shop. The facility also features various dining spots, tennis, bocce ball and pickleball courts, an outdoor swimming pool, as well as walking trails, gardens, gazebos and patios.
Williamsburg Landing is less than 2 miles from Williamsburg-Jamestown Airport, within 3 miles of the Monticello Avenue retail corridor and 5 miles southwest of Colonial Williamsburg. The property is approximately 6 miles from Spotswood Commons, a 212-unit property that sold for $46 million in June.
Growing demand, occupancy
Demand and occupancy continue to improve in the senior living sector, according to a third-quarter report from the National Investment Center for Seniors Housing & Care (NIC). Occupancy increased in the third quarter of 2021 to 80.1 percent, with the study attributing the growth to a notable rebound in demand and a moderate uptick in supply.
While demand climbed by 12,318 units in NIC MAP’s Primary Markets, inventory expanded by 3,441 units, the report shows. As demand continues to rise, the senior housing industry is also focusing on the evolving housing needs of seniors, paying close attention to both accessibility and functionality.