COVID-19 Response

March 18, 2020:

Dear Valued Client,

As you are likely closely monitoring the developments and impact of COVID-19, we are doing the same at HJ Sims. Our primary focus is the safety and well-being of our employees, our clients and their families.

We would like to update you on important preparations currently in place, and our ability to respond to your needs during this unprecedented time.

  • We have enacted a comprehensive COVID-19 business response plan and remain confident that as a nimble and resilient organization, we will maintain business continuity. We are prepared in the event the situation continues to escalate.
  • During this extraordinary time, we recognize that you rely on access to our financial professionals and representatives. As such, we have prepared plans for employees to work from different locations, as well as remotely from home. Alternate site work arrangements are intended to balance and diversify our resources to minimize risk for an extended period, if required, while using today’s technology to be ever-present for our clients.
  • Our employees are being kept fully aware of the situation by our Executive Committee. We have established access to online company resources to help them manage during this unparalleled time.

Please be sure to keep us updated with your contact information so we may stay in touch with you.

We are confident that we are taking proper steps to ensure the continued operation of our business, and continue to follow guidance from official local, state and Federal Government and public health agencies, including the Centers for Disease Control (CDC). We will monitor and evaluate the situation and determine whether additional steps are needed to support our clients and communities.

We have strong financial talent who have the experience to weather all market cycles. We appreciate your trust and confidence in us. Please let us know if we can help in any way.

We wish you, your communities and your family all the very best.

Thank you,

William Sims
Managing Principal
HJ Sims

HJ Sims Expands Investment Banking Team to West Coast, Midwest; Grows Private Client Team in Florida, Puerto Rico

CONTACT: Tara Perkins, AVP Marketing Communications | 203-418-9049 | tperkins@hjsims.com  

HJ Sims Expands Investment Banking Team to West Coast and Midwest; Grows Private Client Team in Florida and Puerto Rico 

FAIRFIELD, CT– HJ Sims (Sims), a privately held investment bank and wealth management firm founded in 1935, is pleased to announce the addition of two senior bankers as the firm expands with the opening of new offices in the Midwest and on the west coast. 

Lynn Daly joins Sims as Executive Vice President in its new Chicago location with 30+ years of experience working with non–profit organizations in financing. Daly was acting head of Senior Living Investment Banking at BB&T Capital Markets, where she managed BB&T’s senior living relationships in the Midwest, facilitating financings of $1.3+ billion. Prior to BB&T Capital Markets, Daly spearheaded the Catholic Initiative within senior living investment banking for Ziegler, and served as Head of Allied Irish Bank’s Midwest region. Daly earned a BS in economics from Kalamazoo College, and an MBA from Northwestern University’s Kellogg Graduate School of Management.  

“We are so thrilled to welcome Lynn Daly to the HJ Sims family. Lynn is a well-respected and nationally recognized thought leader in the senior living sector and the perfect leader to grow our presence in the Midwest and to work with our team as we continue to expand throughout the US. Lynn’s extensive experience as both a senior commercial and investment banker, along with her integrity, deep knowledge, and client-centered approach, are vital characteristics and values that will guide our clients and business partners through these challenging times,” said Aaron Rulnick, Managing Principal, Sims. 

Brady Johnson joins Sims as Senior Vice President in its new west coast office, in Orange County, CA. Previously with Hunt Real Estate Capital, Johnson was responsible for real estate debt originations for seniors housing and healthcare properties. He helped establish the firm’s seniors housing real estate lending platform, including a proprietary bridge loan program and expansion of the firm’s agency and HUD financing capabilities. Johnson closed the firm’s first Fannie Mae seniors housing loan, followed by its first seniors housing Freddie Mac loan. Prior to joining Hunt, Johnson served as Director of Seniors Housing & Healthcare at RED Capital Group, and served with GE Capital in various commercial finance roles. Johnson earned an MBA from Thunderbird School of Global Management and Bachelor’s degrees (Economics and Spanish) from the University of Utah.  

“We are excited to welcome Brady Johnson to the Sims family. Brady will help establish our west coast presence serving for-profit and non-profit senior living clients. Brady’s broad experience in FHA, Fannie Mae, Freddie Mac, mezzanine and senior housing finance, and his focus on achieving the best solutions for his clients make him a great asset,” said Jeffrey Sands, Managing Principal, Sims. 

In late 2019, Sims expanded its Private Client team, adding an office in Jupiter, FL, housing a three-person advisory team, as well as a senior partner of Sims Energy. HJ Sims’ Puerto Rico private client office moved its Guaynabo headquarters to a larger space in Metro Office Park. The spacious quarters enable the team to better host clients, while the expansion reinforces Sims’ established presence and growth on the island. 

HJ SIMS: Founded in 1935, HJ Sims is a privately held investment bank and wealth management firm, headquartered in Fairfield, CT, with nationwide locations. www.hjsims.com. Investments involve risk, including loss of principal. This is not an offer to sell or buy any investment. Past performance is no guarantee of future results. Member FINRA, SIPC. Facebook, LinkedIn, Instagram Twitter. 

HJ Sims 2020 Late Winter Conference Recap

Thank you!

On behalf of the entire HJ Sims Investment Banking team, we want to thank you for attending the 17th Annual HJ Sims Late Winter Conference at the InterContinenal San Diego in San Diego, California. We at HJ Sims are proud of our commitment to furthering conversation about financing methods & operating strategies in the Senior Living Industry. Bringing together a dynamic group of speakers from Non-Profit and Proprietary Senior Living Providers, as well as outside experts with thought-provoking views, it is our goal to have provided profound insight and an invaluable forum for exchanging ideas and information.

We also recognize that our conference was one of the last in-person events that was fortunate to take place. We appreciate those who attended, and we look forward to when we can get together in-person again.

Post-Conference Follow-Up

Our Conference Recap provides comprehensive coverage of the many sessions and event highlights from the 2020 HJ Sims Late Winter Conference.

Highlights include:

  • Keynote speakers from outside the senior living industry who shared valuable ideas from fields like Canyon Ranch® – the leader in luxury health and wellness introduced a potential new concept for senior living communities; Dr. Matthew Lieberman, a dedicated researcher on cognitive social neuroscience where we explored research indicating that we need to be connected socially to be physically and psychologically healthy; and Dr. Robert Genetski, an economist who led a discussion of the current financial markets where we explored principles vital to economic and political freedom.
  • Informal and memorable activities to bolster connection and conversation, included a glorious morning on the waters of San Diego Harbor for sailors and fishing enthusiasts; golfing at the world-renowned Torrey Pines; tasting a sample of San Diego’s best brewery and distillery products; and sharing an incredible evening with friends and a few new animal pals at the famed San Diego Zoo.
  • Educational sessions that covered topics such as: acute and post-acute care, medical and recreational cannabis, serving middle-income seniors, strategies to avoid moving from a stressed to distressed financial or operational situation, and a new approach to incorporating wellness in senior living.

In case you missed it, below are the details from our 17th Annual HJ Sims Late Winter Conference.

Agenda
Schedule and activities
Roster of conference speakers and their biographies

We invite you to watch the highlights of our conference in a recap video that features all the best parts of our conference. We also invite you to view the many beautiful photos from our conference.

Peruse the photo gallery and video montage below, and visit the HJ Sims Facebook, Instagram, LinkedIn or Twitter pages.

Taco Tuesday Dinner and Reception – LWC2020

San Diego Zoo Reception

Network Breaks

Corporate Social Responsibility: Gift of Life

The Gift of Life (GOL) team was thrilled to provide an update about the strong partnership between HJ Sims and GOL during the last two years, which has helped to promote the registry and subsequently add new donors, as well as supported numerous efforts to advance the GOL mission.

For more information on HJ Sims’ CSR program and Gift of Life, please visit: www.hjsims.com/servingourcommunitites.

Save the Date

Please save the date for next year, the 18th Annual Sims Late Winter Conference at the Sarasota Hyatt Regency, Sarasota, Florida. While we are still grappling with how we will hold our annual conference, rest assured, we will hold one… more to follow. Stay tuned, and stay healthy.

Thanks again!

Gift of Life: Recap from 17th Annual Late Winter Conference

Gift of Life (GOL) joined our 17th Annual HJ Sims Late Winter Conference February 25-27 in San Diego. GOL was represented by Alicia Lorio, a leader of their Young Professionals Committee in Orange County; and GOL blood stem cell donor, Alec Nadelle.

Alicia shared GOL’s history and spoke about the importance of growing the GOL stem cell registry to give second chances to those afflicted by blood and bone cancer. Before introducing Alec, Alicia shared how individuals can get involved with GOL and increase the number of those within the registry by encouraging individuals to swab their community and swab at their workplace.

Next, Alec shared his experience with GOL. He donated blood stem cells in November 2012 to a (then 71-year-old) woman battling a fast-moving form of Leukemia. The presentation left attendees feeling truly moved.

The team was excited to share an update about the amazing CSR partnership that HJ Sims and GOL have shared during the last two years.

From running fundraising drives to sponsoring the Steps for Life events to helping underwrite equipment for a
new state-of-the-art Stem Cell Collection Center located in Boca Raton, HJ Sims continues to be honored to support GOL and their mission to cure blood cancer through marrow and stem cell donations. GOL has facilitated nearly 3,600 transplants since its inception.

For more information, visit www.giftoflife.org

HJ Sims Welcomes Tom Bowden as Vice President, Investment Banking, Bolsters Florida Banking Team

CONTACT: Tara Perkins, Assistant Vice President | 203-418-9049 | tperkins@hjsims.com

HJ Sims Welcomes Tom Bowden as Vice President, Investment Banking, Bolsters Florida Banking Team

FAIRFIELD, CT— HJ Sims (Sims), a privately held investment bank and wealth management firm founded in 1935, is pleased to announce that Thomas “Tom” Bowden joins as Vice President, Investment Banking.  Located in Richmond, Virginia, Bowden leads business development efforts in Virginia, the Carolinas, and Georgia.

Prior to joining Sims, Bowden spent seven years as Vice President with BB&T Capital Markets, serving senior living clients in the Southeast region of the U.S. Prior to BB&T, he interned in the public finance investment banking group with Davenport & Company, LLC, and served as a Senate Page in the U.S. Congress.

Bowden is focused on raising capital for retirement communities, with a significant emphasis on those organized as non-profits. Well-versed in various aspects of senior living governance and operations, he strives to be a keen advocate for clients, colleagues and collaborators. Bowden is skilled in leading discussions focused on industry and capital markets education, which he views as a fundamental and necessary baseline of understanding for decision making.

Bowden earned a B.S. in accounting and business administration from Washington and Lee University, where he was elected to the Executive Committee of the Student Body, played on the Varsity Golf team, and was a member of the Sigma Chi Fraternity.

“I believe in an educational approach to serving the industry. The goal is to allow clients to make the decision regarding what is best for them, and the path to that goal is achieved through educating management teams and boards. I am excited to continue that work with the outstanding HJ Sims’ team, and am particularly optimistic about bringing the benefit of HJ Sims’ platforms to clients in the Southeast,” said Bowden.

“We are pleased to welcome Tom to our team; he is a highly respected investment banker dedicated to the senior living industry. Tom will lead efforts in Virginia, the Carolinas, and Georgia. Tom brings an established presence in an important region and we are thrilled to have someone of his experience and character joining our team. We are equally happy to announce that Senior Vice President, Kerry Moynihan will co-lead our client relationships and business development efforts in Florida, alongside Senior Vice President, Melissa Messina. Kerry is based in Orlando, FL, and has more than a decade of senior living banking experience. We are elated to have such strong leadership and expertise in the Southeast region,” said Aaron Rulnick, Managing Principal.

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. Visit www.hjsims.com/ourstory. Investments involve risk, including the possible fluctuation of principal. Past performance is no guarantee of future results. Member FINRA, SIPC. Follow HJ Sims on Facebook, LinkedIn, Instagram and Twitter.

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 | tperkins@hjsims.com

Michelle Vincent, Retirement Companies of America | 901-794-2598 | mvincent@retirementcompanies.com

Gary Lendermon, Duncan-Williams, Inc. | 901-260-6847 | glendermon@duncanwilliams.com

 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 jrester@hjsims.com. 

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: Facebook, LinkedIn, Instagram and Twitter.

HJ Sims Leads Largest Refinancing for a Single Site Life Plan Community

FOR IMMEDIATE RELEASE

JANUARY 17, 2018

CONTACT: Tara Perkins, PR & Marketing Specialist | 203-418-9049 | tperkins@hjsims.com

HJ Sims Leads Largest Refinancing for a Single Site Life Plan Community

FAIRFIELD, CT– HJ Sims (Sims), a privately held investment bank and wealth management firm founded in 1935, announced the closing of a financing for NewBridge on the Charles (NewBridge), located in Dedham, MA. The $236,300,000 financing, which closed on December 19, 2017, marked the largest fixed rate public bond issue in 2017 for the refinancing of a single site Life Plan Community.

NewBridge is managed by Hebrew SeniorLife (HSL), one of Massachusetts’ largest not-for-profit healthcare organizations, with nine campuses in metro-Boston, conducting aging research and providing geriatric care education via its affiliation with Harvard Medical School. NewBridge consists of independent and assisted living, and a health care facility.

NewBridge was developed in 2007 with a $457 million tax exempt bond issue underwritten by Sims, the largest issue of its kind. Despite opening during the 2009 recession, NewBridge reached 96% independent living occupancy within 25 months. Sims is privileged to have partnered with HSL for 25 years, financing NewBridge and a sister community, Orchard Cove, in Canton, MA.

Long-term capital stability was a vital objective for NewBridge. With existing debt held by a consortium of commercial banks and a maturity in 2019 there was inherent refinancing risk and future interest rate uncertainty. Achieving the lowest possible debt service was critical to NewBridge.

Sims worked with HSL management to achieve an initial credit rating of BB+ (Stable) from Fitch. This rating, along with HSL’s commitment to NewBridge through the contribution of $6 million toward the debt service reserve fund plus the ability to issue bonds with a 40-year maturity, substantially lowered the annual debt service.

With considerable uncertainty in the tax exempt bond market regarding tax reform and a likely future prohibition on advance refundings, Sims included a five-year call provision in the bond structure, providing maximum flexibility to NewBridge.

Despite distribution restrictions ($100,000 minimum purchase) by the issuer for below-investment-grade rated bonds, $16+ million in bonds were sold to individual investors with  40 institutions purchasing the remaining bonds. Sims’ distribution strength provided lower than anticipated interest rates, from 1.85% (one-year maturity) to 4.125% (40-year maturity).

“The Sims team led a near seamless process for NewBridge’s $236.3 million public bond issuance. Sims’ deep knowledge of the tax exempt market and CCRC business model enabled HSL to obtain a favorable credit rating for NewBridge on a non-recourse basis. They did an excellent job as the book-runner, staging the co-manager to complement its own investor base to achieve a significant over-subscription and lower cost of capital for NewBridge. Sims’ quality of execution exceeded our expectations,” said James Hart, Chief Financial Officer, HSL.

For Financed Right® solutions please contact Andrew Nesi at 203-418-9057 | anesi@hjsims.com. For more information including risks, read the Preliminary Official Statement.

ABOUT HJ SIMS: Founded in 1935 on Wall Street, Sims is a privately held investment bank and wealth management firm with $2.2 billion of assets under management. Sims is one of the country’s oldest underwriters of tax-exempt and taxable bonds, having raised $22 billion for projects throughout the US. The firm is headquartered in Fairfield, CT, with investment banking, private client wealth management and trading offices nation-wide. Pershing LLC, a subsidiary of The Bank of New York Mellon Corporation, is custodian of all client assets. Sims is not affiliated with NewBridge on the Charles or Hebrew Senior Life. www.hjsims.com/ourstory. Investments involve risk, including the possible fluctuation of principal. Member FINRA, SIPC. Follow us on LinkedIn, Facebook and Twitter.

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

FOR IMMEDIATE RELEASE

DECEMBER 19, 2018

CONTACT: Tara Perkins, Assistant Vice President | 203-418-9049 | tperkins@hjsims.com

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 | anesi@hjsims.com.

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 Facebook, LinkedIn and Twitter.

HJ Sims Welcomes John Koene as Managing Director to Lead Northeast Complex

CONTACT: Tara Perkins, PR & Marketing Specialist | 203-418-9049 | tperkins@hjsims.com

HJ Sims Welcomes John Koene as Managing Director to Lead Northeast Complex

FAIRFIELD, CT—HJ Sims (Sims) is pleased to announce that John Koene joins the firm as Managing Director of the Private Client Group for the firm’s northeast complex, including the Iselin, NJ and Fairfield, CT offices.

“I am thrilled to join a firm with such a rich history an impressive reputation. I look forward to supporting our team and helping to develop the exclusive appeal of our wealth management products,” says Koene.

“We are excited to welcome John to our team. John’s leadership skills and experience are qualities that make him ideal for this role as he supports the firm’s continued business expansion efforts,” said Daniel Mullane, Managing Principal.

John attended University of North Carolina, Greensboro. John holds his Series 7, 24, and 63 licenses. John resides in Brielle, NJ with his wife and three daughters.

John can be reached at 732-590-0533 or jkoenes@hjsims.com. 

ABOUT HJ SIMS: Founded in 1935, HJ Sims is a privately held investment bank and wealth management firm with $2.2 billion of assets under management. Sims is one of the country’s oldest underwriters of tax-exempt and taxable bonds, having raised $22 billion for projects throughout the US. The firm is headquartered in Fairfield, CT, with investment banking, private client wealth management and trading offices nation-wide. Pershing LLC, a subsidiary of The Bank of New York Mellon Corporation, is custodian of all client assets. Please visit: www.hjsims.com/ourstory. Investments involve risk, including the possible fluctuation of principal. Member FINRA, SIPC. Follow us on LinkedIn, Facebook and Twitter.