CSR Spotlight Newsletter

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For news about our employee’s support of charities in their respective communities, please read our CSR Spotlight Newsletter.

The HJ Sims team places value on helping to make the world a better place. We contribute to our communities via our Corporate Social Responsibility program, an initiative that focuses staff volunteer efforts and contributions to non-profit, charitable organizations. Please learn more by visiting: www.hjsims.com/servingourcommunities. For questions or submissions, please email Tara at [email protected].

The Upside of Aging

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By Megan Morrow

Yes, you will have “senior moments.” And true, your short-term memory may start to fade, and aches and pains may last longer. Yet, many older Americans are discovering that there is a true upside to aging, from relationships to wisdom to free programs and tax benefits.

If you tend to brush your birthday aside or worry about the number of candles on your cake, it might be time to focus on the benefits of getting older, which can include:

  • Happiness! Older people tend to be happier. Studies show that most people are unhappiest in their 40s and 50s as they face stressors from work and family and that happiness increases as middle age passes. Happier people are also healthier, more productive and more aware of what they have.
  • Seniors are better at navigating emotions. They tend to learn how to manage social conflicts, with the abilities to imagine alterative points of view and work out compromises. What bothers someone in their 20s hardly makes a blip on the radar of someone a few decades older, according to studies.
  • Financial perks such as guaranteed minimum income, Social Security, Medicare and senior discounts. Programs such as Social Security, Medicare and Medicaid can support seniors with health insurance and a safety net. Likewise, special senior discounts can provide incentives for getting out, exploring new things and staying engaged.
  • Seniors are more likely to be involved. From politics to volunteering, seniors often have more time to participate in activities and organizations that matter to them. One in four seniors volunteers actively, according to the Bureau of Labor Statistics, and those over the age of 65 report the highest voting rate of any age group.

While stereotypes about aging persist, more people of all ages are recognizing the beauty of getting older and wiser. We also know that attitude goes a long way: Participants in a study on aging who had a positive attitude about the process also showed enhanced cognition, one more reason to focus on the upsides of aging.

No matter what your age, it is important to maintain relationships and connections with people of diverse ages and backgrounds and to cultivate a positive mindset.

We want to hear from you

Do you have a topic suggestion for an article in a future issue of Sims Insights newsletter? We would love to hear from you. Share your ideas here.

The material presented here is for information purposes only and is not to be considered an offer to buy or sell any security. This report was prepared from sources believed to be reliable but it is not guaranteed as to accuracy and it is not a complete summary of statement of all available data. Information and opinions are current up to the date of publication and are subject to change without notice. The purchase and sale of securities should be conducted on an individual basis considering the risk tolerance and investment objective of each investor and with the advice and counsel of a professional advisor. The opinions expressed by Ms. Morrow are strictly her own and do not necessarily reflect those of Herbert J. Sims & Co., Inc. or their affiliates. This is not a solicitation to buy or an offer to sell any particular investment. All investment involves risk and may result in a loss of principal. Investors should carefully consider their own circumstances before making any investment decision.

HJ Sims Provides Seed Capital for New University Related Life Plan Community


DECEMBER 19, 2018

CONTACT: Tara Perkins, Assistant Vice President | 203-418-9049 | [email protected]

HJ Sims Provides Seed Capital for New University Related Life Plan Community

FAIRFIELD, CT– HJ Sims (Sims), a privately held investment bank and wealth management firm founded in 1935, is pleased to announce the successful $15,000,000 financing in October 2018 for Broadview Senior Living at Purchase College, a Life Plan Community under development in Purchase New York. Broadview will be located on the campus of Purchase College, a public four-year college of visual and performing arts, liberal arts and sciences, founded in 1967 and one of the 13 colleges of the State University of New York (SUNY) system.

Known for its arts programs and home of the Neuberger Museum of Art and The Performing Arts Center, Purchase continually attracts the local community to its campus. In 2003, the President of Purchase assembled a task force to determine how to best fulfill the college’s commitment to lifelong learning. A plan was formulated for the development of a senior residential community to be located on a 40-acre leased parcel of the campus and focused on intergenerational and lifelong learning. Broadview will initially consist of 220 independent living apartments and villas, 18 assisted living beds, 16 memory care beds and amenity space with room for potential expansion in later years. Twenty percent of the units will be set aside for residents earning below 80% of the local median income.

The Purchase College Foundation Housing Corporation provided $5 million to fund initial costs. An estimated $15 million will be required before permanent financing, anticipated to occur within three years. As a community under development with no operating history, financing was a challenge. Sims structured a five-year, $15 million Bond Anticipation Note (BAN) issue to fund the remaining costs. In a BANs issue, interest payments are not paid currently but with proceeds of the permanent financing.

With little collateral and repayment contingent on obtaining permanent financing, these are speculative bonds which limits potential investors. Following close cooperation with management and development teams, Sims secured the required financing commitment with an experienced institutional investment fund. Sims’ Private Client Group sold approximately $4 million to individual investors, despite a $100,000 minimum investment. Sims closed on the $15 million tax-exempt BAN issue with an interest rate 11%. Sims expects to provide up to $325 million for the construction and permanent financing of Broadview.

“The Sims team, especially Andrew Nesi, has been like a partner since we started this venture and guided us along the way. Importantly, they’ve really believed in us and the vision of creating a unique senior learning community at Purchase. We’re grateful for their hard work and professionalism in successfully securing our pre-development funding and looking forward to continuing to work with them through permanent financing,” said Wayne Rush, Vice President and Project Manager, Purchase Senior Learning Corporation.

For Financed Right® solutions, contact: Andrew Nesi at 203-418-9057 | [email protected].

ABOUT HJ SIMS: Founded in 1935 on Wall Street, HJ Sims is a privately held investment bank and wealth management firm with $2.2 billion of assets under management. HJ Sims is known as one of the country’s oldest underwriters of tax-exempt and taxable bonds, having raised $25+ billion for projects throughout the US. The firm is headquartered in Fairfield, Connecticut, with nationwide investment banking, private client wealth management and trading locations. HJ Sims is not affiliated with Purchase College, Broadview or Purchase Senior Living Corporation. Visit www.hjsims.com/ourstory. Investments involve risk, including the possible fluctuation of principal. Member FINRA, SIPC. Follow HJ Sims on FacebookLinkedIn and Twitter.

The Farms at Bailey Station

Luke, Inc. is the not for profit borrower established for the purpose of building The Farms at Bailey Station. Retirement Companies of America is a Memphis-based operator of senior living communities whose mission, for over 35 years, has been to serve seniors and their families through a continuum of care that includes high-quality health care.

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HJ Sims Partners with Duncan-Williams to Finance Start-up Construction of The Farms at Bailey Station, an RCA Community

CONTACT: Tara Perkins, Assistant Vice President, Marketing Communications, HJ Sims | 203-418-9049 | [email protected]

Michelle Vincent, Retirement Companies of America | 901-794-2598 | [email protected]

Gary Lendermon, Duncan-Williams, Inc. | 901-260-6847 | [email protected]

 HJ Sims Partners with Duncan-Williams to Finance Start-up Construction of The Farms at Bailey Station, an RCA Community

FAIRFIELD, CT—HJ Sims (Sims) is pleased to announce the completion of a $219,250,000 financing for the new construction of The Farms at Bailey Station (The Farms), a Life Plan Community (LPC), located in Collierville, TN. The Farms is a sister community of Kirby Pines Estates (Kirby), located in Memphis, TN, which was voted Best Retirement Community in Memphis and the Mid-South. The Farms is designed to offer city and country living within a luxurious setting. With customizable homes, a menu of amenities, and the security of covered long-term care, The Farms will offer residents effortless, elegant living. Kirby and The Farms are run by Retirement Communities of America (RCA), a mission-driven organization with a 35+-year legacy of faith-based caring.

Duncan-Williams, Inc. (Duncan) served as co-manager on the financing. Founded in 1969, Duncan is a full-service broker dealer and nationally recognized investment banking firm headquartered in TN. The Farms is 70% pre-sold. Rees Architects and Renaissance Group served as architects; Dalhoff Thomas design studio of Memphis assisted as landscape architect. Linkous served as general contractor.

“The Farms has been a labor of love. RCA assembled a team that worked tirelessly toward a successful closing. The Sims team brought expertise, creativity, commitment and flawless execution with Duncan-Williams, and Greystone Communities. The team took a personal interest, and was sensitive and responsive to the complexities of the project and the desires of our Board Members. They successfully facilitated the financing and delivered a favorable rate structure, while with the Sims and Duncan-Williams team executed placement of the bonds masterfully,” Michelle Trammell-Vincent, Senior Vice President, RCA.

Sims structured a 40-year financing to lower annual debt service (the only 2019 senior living financing with this amortization length). The financing included non-rated, fixed rate bonds and bank purchased draw-down bonds for the independent living apartments, assisted living, memory care and skilled nursing portion of the project. The Community also obtained a bank revolving credit facility for the garden home portion of the community. Involving banks saved the project $6+ million in carried interest. Sims structured a Liquidity Support Agreement and Coverage Support Agreement to enhance credit and security for investors. Sims and Duncan placed the bonds with 20 institutional investors and $17+ million with accredited individual investors.

“We were honored to work with The Farms to provide its complete financing. The LPC will be the most up-to-date in its market and will be a beautifully landscaped campus of garden homes, apartments, assisted living, memory care and skilled nursing,” William Sims, CEO and Managing Principal, Sims.

Chauncey Lever of Foley Lardner LLP, John Stevens of Iberia Bank, Charlie Trammell and Michelle of Retirement Companies of America, David Williams of Butler Snow LLP, Jimmy Rester of HJ Sims, Michael Bradshaw of Butler Snow LLP, and Abe Benavides of McCall, Parkhurst & Horton LLP.

Financed Right® solutions: James Rester at 214-558-7175 or [email protected]

ABOUT HJ SIMS: Founded in 1935 on Wall Street, HJ Sims is a privately held investment bank and wealth management firm. HJ Sims is known as one of the country’s oldest underwriters of tax-exempt and taxable bonds, having raised $28+ billion for projects throughout the US. The firm is headquartered in Fairfield, CT, with nationwide investment banking, private wealth management and trading locations. Visit www.hjsims.com/ourstory. Investments involve risk, including the possible fluctuation of principal. Past performance is no guarantee of future results. HJ Sims is not affiliated with Duncan-Williams, RCA or The Farms at Bailey Station. Member FINRA, SIPC. Follow HJ Sims: FacebookLinkedInInstagram and Twitter.

Merrill Gardens VI

Based in Seattle Washington, R.D. Merrill Company was founded in 1890 by Richard Dwight Merrill initially as a timberland business, later diversifying into real estate investment, development, and management of senior housing, mixed-use, and multi-family properties.

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