The Village at Orchard Ridge—A National Lutheran Community (TVOR) in Winchester, Va., received its tax-exempt bond financing on Thursday, December 18, 2014 for approximately $67,835,000. Following such a successful opening of Phase 1, this is another milestone in advancing the construction timeline for the not-for-profit continuing care retirement community (CCRC)’s Phase 2 of construction.
The bonds will fund construction costs related to Phase 2, which is slated to begin in January 2015. TVOR’s Phase 2 of construction will feature the addition of 104 independent living apartments, 10 skilled nursing suites, a 15,000 square foot Wellness Center with an indoor pool and a 150-seat dining expansion. The bonds will also partially fund 18 independent living cottages that will be available for occupancy beginning in January 2015.
This financing, through partnerships with Hamlin Capital Management, LLC and Crosspoint Capital, will feature a series of four, tax-exempt bonds providing a blend of variable and fixed-rate debt for the project.
“The financing for the TVOR Phase 2 construction will provide a continued array of services to seniors in the Winchester community,” National Lutheran Communities & Services’ Chief Financial Officer Michael Brady said. “We are thankful to our partners at Hamlin Capital Management and look forward to continuing to meet seniors’ future needs.”
Joe Bridy, Partner and Portfolio Manager for Hamlin Capital Management, is pleased to partner with National Lutheran Communities & Services (NLCS) and TVOR once again.
“Hamlin Capital Management is excited to grow our partnership with NLCS and provide innovative financial solutions that will help facilitate the build out of TVOR’s campus,” Bridy said.
About The Village at Orchard Ridge (TVOR)
The Village at Orchard Ridge in Winchester, Va., is a new continuing care retirement community (CCRC) on 132-acres in the Shenandoah Valley. The community opened in February 2013 and offers independent living cottage homes and apartments with in-home services, memory care, and skilled nursing for both long-term care and short-term rehabilitation. Currently, The Village at Orchard Ridge is in Phase 2 of construction, which will include additional independent living apartments and cottages, a wellness center with an indoor pool, and the expansion of dining areas and skilled nursing. Construction is expected to be completed in 2016.
For more information, visit www.thevillageatorchardridge.org
About National Lutheran Communities & Services (NLCS)
Based in Rockville, Md., NLCS is a faith-based, not-for-profit ministry of the Evangelical Lutheran Church in America’s (ELCA) Delaware-Maryland, Metropolitan Washington, D.C. and Virginia Synods, serving people of all beliefs. NLCS provides seniors with a variety of lifestyle, residential and health care options through retirement communities and services in Maryland and Virginia.
The National Lutheran family includes The Village at Rockville in Rockville, Md., The Legacy at North Augusta in Staunton, Va., The Village at Orchard Ridge and myPotential at Home in Winchester, Va., and coming soon The Village at Crystal Spring in Annapolis, Md., subject to Maryland Department of Aging approval. For more information, visit www.nationallutheran.org