Benchmark Senior Living and HJ Sims Partner Again
Partnered Right®
Headquartered in Waltham, Massachusetts, Benchmark Senior Living (“Benchmark”) is a premier owner, operator, and developer of senior living communities. Founded in 1997, Benchmark currently operates 60 communities and over 5,700 units spread across eight states in the northeast. Dating back to 2005, HJ Sims has made seven investments with Benchmark.
Structured Right®
In 2018, HJ Sims committed to investing $12 million in BSL Investors Fund II LLC (“BSL II” or the “Fund”) through the purchase of Class A Interests. BSL II was formed by Benchmark to acquire and develop senior housing communities located in the Boston to Washington DC corridor. At the time of the first capital call, BSL II had plans for initial investments in four senior housing properties and identified several additional properties as potential future investments for the Fund. In order to participate in the Fund, the HJ Sims investment needed to be structured with the flexibility to fund future capital calls as needed by the Fund.
Executed Right®
An HJ Sims controlled investment company, Benchmark V, LLC (“Sims Issuer”), was formed to invest in BSL II, with plans to issue multiple series of securities in the form of taxable bonds to capitalize HJ Sims’ investment in the fund. Through its Private Client Group, HJ Sims sold $3.1 million of Series I bonds to its high net worth investors to fund the initial capital call for BSL II in January of 2018. In September 2019, Sims sold $7.745 of Series II bonds to fund subsequent capital calls of the Fund.
Financed Right®
Utilizing its extensive investor base and industry expertise, HJ Sims was able to underwrite and implement an efficient investment structure meeting the capital objectives and needs of Benchmark and its affiliates. HJ Sims excels in providing customized debt and equity capital for senior living providers utilizing a variety of direct financing solutions including preferred equity, mezzanine debt, and high leverage first mortgage loans, tailored to meet the unique financing needs of valued partners like Benchmark Senior Living.
For more information on how Benchmark V Series II was Financed Right® by HJ Sims, please contact:
Jeff Sands
(203) 418-9002
Curtis King
(512) 519-5003