HJ Sims announced it closed $23,340,000 in financing for Poydras Homes, a continuing care retirement community in New Orleans, Louisiana.
The CCRC includes 64 private nursing care beds, all of which will be replaced with the first certified Green House project in the state in two three-story buildings along with 14 additional assisted living units.
Read more in Skilled Nursing News.
2021 Conference
HJ Sims is proud to be able to attend, exhibit and present at the fall conference.
Visit us at Booth #042.
Session Date & Time: Friday, October 8 2021 from 10:00 a.m. to 11:30 a.m
Room: TBD
Thought Leadership and Educational Session:
Extending Housing and Services to the Middle Market
This session will profile successful middle market senior housing models and identify key success factors for development. Understanding the increasing pressure on non-profit providers to maintain financial performance, honor the past, maintain their long standing history and reputation in the market, and meet the demands of the emerging middle market, we will offer strategic solutions that may bring a middle market senior housing product to reality for your organization.
Learning Objectives:
This session will help providers tackle the increasing pressure on senior living providers to meet the demands of the merging middle market. We want to learn what you learned from experienced providers. How are they successfully and profitably operating their middle market models. What are the key success factors for development, pricing, and operating?
Featured Speakers:
Contacts:
Aldersgate United Methodist Retirement Community was founded in the 1940s as an organization committed to providing housing and services to elders in the community. Since then, the organization has grown to be one of Charlotte’s most respected aging services providers.
Continue readingFOR IMMEDIATE RELEASE
CONTACT: Tara Perkins, AVP | 203-418-9049 | [email protected]
HJ Sims Advises Peoples of Bastrop on the Acquisition of a Private Water System via a Taxable Bond Issuance
FAIRFIELD, CT– HJ Sims (Sims), a privately held investment bank and wealth management firm founded in 1935, is pleased to announce the successful closing of a July 2021 financing in the amount of $10.635 million for Peoples of Bastrop, a privately held water utility operator (Sponsor) specializing in the acquisition and management of private water and wastewater systems reached an agreement to acquire a private system serving 6,000+ customers in North LA (System).
The Sponsor has demonstrated a strong track record of operating water utilities, reducing expenses through the implementation of streamlined operations and economies of scale, but was looking for an innovative approach to acquire an additional water system in their operational footprint.
Sims underwrote the taxable municipal bond issue in the amount of $10.635 million, which was used to purchase the System from the existing operator. Initially, the plan of finance was to take the offering to a limited potential buyer base, but positive market feedback lead to Sims opening the offering to the institutional bond market. To appeal to a broader investor base, and level annual debt service in aggregate, Sims structured one medium-term bond maturing in 2033 and a long-term bond maturing in 2051.
The Sponsor found the taxable bond structure attractive for the acquisition as it provided higher leverage compared to a conventional bank loan, helping avoid raising unsecured subordinate debt at a higher cost of capital or diluting ownership in the System. The bond issue was structured with working capital and system improvements funds, allowing the Sponsor to implement their planned improvements and make necessary upgrades.
The financing consisted of a $2.375 million, 12-year taxable bond at a yield of 5.364%, and a $8.26 million, 30-year taxable bond at a yield of 5.802% underwritten by Sims. The outside-of-the-box, customized financing structure helps the long-time operator preserve strategic capital for additional growth opportunities and for the support of other systems in their portfolio.
“Our company recently acquired a water utility in northeast LA. We were fortunate to engage Sims to underwrite a taxable municipal bond in the amount of $10.635 million used to purchase the system and fund multiple reserve accounts. Jimmy Rester and his team were extremely knowledgeable and brought the necessary experience to close a complex transaction. There is no question that Sims will be a valued partner on all future financing projects we endeavor to accomplish,” Jeff McNew, Co-Founder/Managing Member.
Financed Right® Solutions—James Rester: 901.652.7378 | [email protected] or Ryan Snow: 843.870.4081 | [email protected].
ABOUT HJ SIMS: Founded in 1935, HJ Sims is a privately held investment bank and wealth management firm. Headquartered in Fairfield, CT, Sims has nationwide investment banking, private wealth management and trading locations. Member FINRA, SIPC. Testimonials may not be representative of another client’s experience. Past performance is no guarantee of future results. Facebook, LinkedIn, Twitter, Instagram.
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In the Cherokee creation myth, when plants and animals were first made, they were told to keep awake for seven nights. The plants who succeeded became evergreens, and all others were doomed to lose their “hair” every winter. The animals who stayed up were given the power to “see” in the dark. Investors trying to create or manage a portfolio in current market conditions either feel like their clear vision of the future will guide them while others feel like they are just dancing in the dark.
Continue readingHJ Sims closed a $44 million refinancing package on behalf of Aldersgate United Methodist Retirement Community, a CCRC in Charlotte, North Carolina.
Read more in Senior Housing News.
HJ Sims is pleased to have helped make the refinancing possible. It conducted a comprehensive bank solicitation seeking a $45 million taxable credit facility, comprising a $30 million line of credit and letters of credit for up to $15 million. The facility is secured by a pledge of gross revenues and a mortgage on Elwyn’s main campus on parity with Elwyn’s $56 million of outstanding tax-exempt bonds and tax-exempt/taxable bank debt.
Read more in Behavioral Health Business.