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

July 20, 2011

(WINCHESTER, Va.) – The Village at Orchard Ridge (TVOR), A National Lutheran Community in Winchester, Va., received its tax-exempt bond financing on Tuesday, July 19, 2011 for approximately $82 million. Following the groundbreaking in May, this is another milestone in advancing the construction timeline for the not-for-profit Continuing Care Retirement Community (CCRC).

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. This financing, through partnerships with Hamlin Capital Management, LLC and Raymond James, will feature a series of three tax-exempt bonds providing a blend of variable and fixed-rate debt for the project.

“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.”


About The Village at Orchard Ridge (TVOR)
The Village at Orchard Ridge in Winchester, Va., is a new planned senior living and health care community on 132 acres. The first phase of construction will offer 178 maintenance-free independent living cottage homes and apartments with home-based assisted living, memory care assisted living and nursing care options. The community is expected to open in 2013. For more information, visit

About National Lutheran Communities & Services (NLCS)
Based in Rockville, Md., NLCS is celebrating 120 years of serving seniors and their families as a ministry of the Evangelical Lutheran Church in America (ELCA) and a serving agency of the Metropolitan Washington D.C., Virginia and Delaware-Maryland Synods. Other communities sponsored by NLCS include The Village at Crystal Spring, a new continuing care retirement community – subject to Maryland Department on Aging approval – which will serve as the centerpiece of a multi-generational residential and mixed-use project in Annapolis, Md.; The Village at Orchard Ridge in Winchester, Va., a new planned senior living and health care community; The Village at Rockville in Rockville, Md., which offers residential living, rehabilitation, respite and skilled long term nursing care and is currently undergoing a planned renovation to introduce assisted living, assisted living memory care and home and community based services for residents. For more information, visit