HJ Sims Market Commentary: Carving Up the Markets

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In one old Irish folktale, one night on All Hallows’ Eve, Stingy Jack was quenching his thirst at a pub when he ran out of money to pay his tab. The Devil, seeing an opportunity, suddenly appeared. But wily Jack managed to turn the tables and trap the Devil not once but twice. The price for the Devil’s release was that he would leave Jack alone and never ever lay claim to his soul. When he died, he was sentenced to roam the earth for eternity with nothing more than a lantern made from a carved-out turnip to light his way. Folks terrified by the prospect of the wandering soul that came to be known as Jack O’Lantern, began carving scary faces out of turnips, potatoes and mangelwurzels, placing them in windows or near entryways to scare him away. Irish immigrants brought the practice to America, the world’s eighth largest pumpkin grower, and soon every October called for us to start carving jack-o-lanterns out of this plump, orange, easily carve-able fruit. Pumpkins go hand in hand with Halloween and Thanksgiving, and both holidays draw near. It is the season of plenty — plenty of inflation in food, bond yields, fund outflows, bearishness and fear of missing out

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An Exclusive Investment Opportunity: The Dogwoods @ Long Ridge Project

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**This financing has been successfully closed. Please contact your advisor for any potential secondary market opportunities.**


Bond Anticipation Note Issue (BANs), Series 2022
(The Dogwoods @ Long Ridge Project)

HJ Sims is pleased to serve as sole underwriter for TJH Senior Living, LLC, an affiliate of The Jewish Home for the Elderly of Fairfield County, Inc. d/b/a Jewish Senior Services (JSS), an organization with approximately 50 years experience providing senior care to Connecticut residents. The Jewish Home for the Elderly provides a full range of services on The Harry and Jeanette Weinberg Campus in Bridgeport, CT, which includes a 294-bed skilled nursing facility and 32-bed assisted living and memory care as the only household model community in the State of Connecticut. It currently has a 5-star rating from The Centers for Medicare and Medicaid Services.

TJH Senior Living, LLC is planning to develop, own, and operate a continuing care retirement community (a “CCRC”) on 15 acres of land in Stamford, Connecticut currently planned to consist of 168 independent living units, 14 assisted living units, 14 memory care units, and 14 skilled nursing beds, as well as common and administrative and support areas to be known as The Dogwoods @ Long Ridge. The community amenity space will include multiple dining venues, bar, bistro, a fitness center, a yoga studio, a salon, physical therapy gym, a wellness center, theatre, and various multipurpose rooms.

The community will be a Type A Entrance Fee Life Plan Community offering both refundable and amortizing Entrance Fee plans to prospective residents. Residents will also pay a Monthly Service Fee which will be used to fund the operations of the community, including food service, facilities maintenance, housekeeping, management, utility costs, and debt service. The amount of the Entrance Fee and Monthly Service Fee will vary based on the type and location of the Independent Living Unit.

The BANs will be secured by a first mortgage on the 15-acre property in Stamford, appraised at $27.1 million in February 2022 by Senior Living Valuation Services, Inc. (SLVS). Founded in 1991, SLVS is a San Francisco based firm that provides appraisal and consulting services to the senior housing industry.

About the BANs

  • Par Amount: $32,340,000 (subject to change)
  • Rating: Non-rated
  • Interest: The 2022 BANs will not bear interest on a current basis. The 2022 BANs will accrete interest  semi-annually and  payable on final maturity or earlier redemption
  • Tax Exemption: Interest on the 2022 BANs is excludable from gross income for federal and Connecticut income tax purposes
  • Denominations: Minimum $25,000 and multiples of $5,000 thereafter
  • Restrictions: Qualified Institutional Buyers or Accredited Investors only
  • Redemption: It is anticipated the 2022 BANs will be redeemed along with accreted interest with the proceeds of the permanent financing
  • Recourse: JSS has no obligation to make payments under the 2022 BANs
  • Final maturity: November 1, 2027 (subject to change)

Use of Proceeds

  • Acquisition of the 15-acre project site in Stamford, CT
  • Architectural design fees and expenses
  • Marketing fees and expenses
  • Transaction costs
  • Other related costs

Development Team

  • Development Consultant: Greenbrier Development LLC
  • Architect: Perkins Eastman DPC
  • Construction Manager: LECESSE Construction Services LLC
  • Co-Managers: JSS and Greenbrier Senior Living LLC


  • First mortgage on land appraised at $27.1 million (83.3%. of estimated BANs par amount)
  • Assignment of architect and development consulting contracts

Key Financial Covenants

  • Design Milestones
  • Quarterly Sales Milestones

We are currently accepting indications of interest for these tax-exempt bonds with an expected pricing the week of November 7, 2022, and anticipated settlement during the week of November 28, 2022. For more information including risks, please read the Preliminary Limited Offering Memorandum in its entirety. If you have interest in purchasing these bonds, please contact your HJ Sims financial professional as soon as possible.

*Subject to change

No dealer, broker, salesperson, or other person has been authorized to give any information or to make any representation other than those contained in the Preliminary Limited Offering Memorandum and, if given or made, such other information or representation should not be relied upon as having been authorized by the Issuer, the Borrower, or the Underwriters. The information set forth herein has been obtained from the Issuer, Borrower, and other sources that are believed to be reliable, but is not guaranteed as to accuracy or completeness by, and is not construed as a representation of, the Underwriters. The information contained herein is subject to change without notice. Under no circumstances shall this constitute an offer to sell or solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any offering or solicitation will be made only to investors pursuant to the Preliminary Limited Offering Memorandum, which should be read in its entirety. Investments involve risk including the possible loss of principal. HJ Sims is a member of FINRA and SIPC, and is not affiliated with TJH Senior Living, LLC, The Jewish Home For the Elderly or any Jewish Senior Services entity.

HJ Sims Market Commentary: Webs of Belief

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The total amount of data in the world as of 2020 was estimated to be 44 zettabytes, or 44 trillion gigabytes, and every day since then we have created about 2.5 quintillion bytes more. So how do we handle this vast pool of information available to us, with more arriving constantly throughout the day and night? In order to be able to function amid all the information flow, we tend to create what some term a “web of belief”, a core logic, whether it is in fact logical or not. Many personal webs of belief have been completely altered during the pandemic. Those campaigning for public office count on many webs to be recast close to election day. It is happening again this year as voters have become laser focused on inflation, mortgage and interest rates, immigration, and crime, among other issues.

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HJ Sims Market Commentary: Warped and Twisted

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The Milky Way is vast: it may be one of trillions of galaxies in the universe, but it is about a thousand light years thick and stretching some 120,000 light years from end to end, holding every alien planet that our telescopes have ever spotted. To travel once around, it would take 250 million years. The Sun is based along one of its smaller arms about 26,000 light years from the turbulent core, which is packed with supermassive black holes. It has a thin, flat disk of gas and an unknown number of stars, some of which are believed to be 10 to 13 billion years old, in the middle. Near the edges, however, it appears rather sloppy, quite twisted and warped. In the financial markets these days, there is quite a lot that is warped, twisted and bubbly.

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HJ Sims Market Commentary: Fourth Quarter Challenges and Opportunities

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There is a form of writing going back to the 17th century known as a lipogram wherein a single letter, or a number of letters, are omitted from a work. The author’s challenge is to compose a poem, article or book without using the common letter ‘e’, for example — no easy task. In the case of this short market commentary, 889 instances of the vowel ‘e’ can be found. Imagine the difficulty involved in penning, say, a 50,000-word novel without a single use of that letter. These days we do not need to conjure up new challenges. We have plenty as it is just trying to get through a trading day without another loss, passing a gas station without seeing higher prices, coughing and wondering if we have the new COVID variant, turning on the TV without having a central banker tell us about the harsher dose of rate medicine we need to swallow for the next six months – or longer.

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eCap Summit 2023

2023 Conference & EXPO

A unique opportunity to engage in direct discussions with financial institutions and thought-leaders focused on the evolving market shift. HJ Sims will be there – start a conversation with one of our expert private lending team members.

HJ Sims is proud to be an eCap Gold Sponsor.