The Village at Orchard Ridge, a nonprofit continuing-care retirement community in Winchester, has received $82 million in tax-exempt bond financing. The bonds will fund construction costs on the project, under development by Rockville-based National Lutheran Communities & Services. They were fashioned with a draw-down feature designed to limit negative arbitrage as it relates to the current economic environment.
The financing, through partnerships with New-York based Hamlin Capital Management LLC and Raymond James, a financial services company in Florida, will feature a series of three tax-exempt bonds providing a blend of variable and fixed-rate debt. “We are excited about the innovative financing approach that both Hamlin Capital and Raymond James have utilized with this project,” National Lutheran Communities & Services CEO Larry Bradshaw said in a statement. “The financing structure will maximize flexibility to construct, stabilize and lower the overall cost of the community.”
Construction began at The Village at Orchard Ridge in May. The first phase on the 132-acre site will offer 51 maintenance-free, independent living cottage homes, 127 apartments with home-based assisted living services, 18 memory care-assisted living residences and 10 units with private skilled nursing services. The community is expected to open in 2013. The project’s general contractor is Howard Shockey & Sons Inc. in Winchester.
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