The Village at Orchard Ridge Receives $82 Million in Bond Financing

The Village at Orchard Ridge (TVOR), a non-profit Continuing Care Retirement Community (CCRC) based in Winchester, VA, announced it received approximately $82 million in tax exempt bond financing earlier this month.

Lined up through partnerships with Hamlin Capital Management, LLC and Raymond James, the financing will feature a series of three tax-exempt bonds providing a blend of variable and fixed-rate debt for the project.  The bonds will fund construction costs related to The Village at Orchard Ridge and utilize a draw down feature that will limit negative arbitrage as related to the current economic environment.

“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. “The financing structure will maximize flexibility to construct, stabilize and lower the overall cost of the community.”


Joe Bridy, Partner and Portfolio Manager for Hamlin Capital Management noted that this type of financing structure could become the new standard for CCRCs going forward.

“The TVOR transaction is an incredibly innovative financing that has brought together project finance concepts and made them applicable to a capital markets deal via the tax-exempt bond market,” Bridy said.

“We believe the flexibility and efficiency of this structure will be the new standard by which well-capitalized senior living financings are measured.  Hamlin is proud to be partnered with National Lutheran Communities & Services and Raymond James in the introduction of this financing structure to the market.”