HJ Sims Completes Bond-Financed Expansion
and Assisted Living Modernization for Rolling
Green Village
$135,635,000 | SOUTH CAROLINA | NOVEMBER 2025
“RGV is extremely grateful for our partnership with HJ Sims. They helped us exceed expectations in the tax-exempt bond market. Their timely advice has helped us improve our Phase 2 financial project model that will only enhance the positive impact this project will create for our residents. We truly appreciate their dedication to helping us enhance the quality of life for people we serve today….and tomorrow!”
Partnered Right®
Rolling Green Village (RGV) is a nonprofit life plan community located on a 175-acre campus in Greenville, South Carolina. Since opening in 1986, the community has grown steadily, offering a full continuum of care including independent living, assisted living, memory care, and skilled nursing services. Managed by Life Care Services (LCS) since 1995, Rolling Green Village has built a strong reputation for quality senior living, which has contributed to a robust waitlist and high occupancy rates across care levels. In 2020, the community successfully completed Phase I of its master plan, adding 84 new independent living residences and enhancing amenities such as dining and recreational spaces. Building on this momentum, Rolling Green Village identified the need for a second phase of expansion to meet growing demand and to modernize its assisted living offerings. Rolling Green Village engaged HJ Sims to assist with securing financing for this next phase, which included 116 new independent living units and 32 new assisted living units that would replace the existing assisted living facility.
Structured Right®
Five months prior to the anticipated constructions start date, Sims worked with Rolling Green Village and Life Care Services to evaluate various plans of finance, including fixed rate bonds and bank debt. The analysis found that there was a benefit to using bank debt due to the ability to draw the debt over time to reduce interest expense, as well as the lower interest rate on the debt compared to fixed rate bonds. However, this benefit was not significant in the current market and using fixed rate bonds for the plan of finance still generated strong pro forma metrics for the project.
As part of the first phase of the master plan, RGV utilized bank debt to fund the project. After discussions with RGV Board of Directors and Community Leadership on the plan of finance, they elected to approach their existing banking partner to determine their appetite to provide capital. While RGV’s recent performance was strong, their existing lender elected not to provide capital due to concerns over the bank’s loan-to-value constraints, which could be strained due to the large issuance of debt.
Based on this feedback, RGV elected to use fixed rate bonds for the plan of finance. The financing would include four tranches of debt: three tranches of Series 2025B Entrance Fee Bonds, each with repayment triggers based on occupancy milestones: 50%, 75%, and 85% of the new independent living units. The remainder of the debt, the Series 2025A Bonds, would amortize over 35 years and be repaid from annual cash flow.
Executed Right®
Beginning in July, Sims led efforts to coordinate the working group, ensuring RGV entered the market as quickly as possible amid the significant upcoming municipal bond calendar. There were several large senior living financings that planned to enter the market towards the end of Q3 2025. Sims pushed the working group forward to enter the market ahead of these financings. Notably, this was the RGV team’s first public bond deal. Sims partnered with RGV and LCS to prepare them for the bond issuance process by assisting with drafting key disclosure documents (i.e. Appendix A), preparing them for continuing disclosure requirements, and preparing the management team for investor presentations and site visits.
By early October, the working group was able to print the official statement and enter the bond market. As a new credit to the market, Sims worked to engage with investors early to introduce RGV. Investor interest was strong following a successful investor presentation that included over 20 accounts participating during the call.
During the week of pricing, interest rates rose in the treasury market, which put pressure on the pricing assumptions the day prior to pricing. Despite this pressure, investor demand was exceptionally strong, with participation from 17 institutional buyers. Sims was also able to lower rates following this strong demand from investors on pricing day.
Financed Right®
On November 19, Rolling Green Village closed on $135,635,000 of Series 2025 Bonds at a true interest cost (TIC) of 5.73%. The long-term
Series 2025A Bonds were also sold with a 7-year call feature at 102%, which would allow the bonds to be refinanced early once the project stabilizes.
With the bonds closed, RGV plans to begin construction immediately with an opening planned for Fall 2027.
Tom Bowden
804.398.8577
David Saustad
214.909.8588
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