Founded in Upper Sandusky, Ohio in 1916, United Church Homes owns and manages more than 70 Life Plan, healthcare and affordable housing communities in 14 states and two Native American nations. UCH provides affordable housing, independent living, assisted living, long-term care, rehabilitative care and memory care to thousands of older adults.
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Founded in 1964, Landis Homes, also known as Landis Homes Retirement Community, operates a Continuing Care Retirement Community in Lititz, Pennsylvania on a 114-acre campus surrounded by Lancaster County farmland. As of 2021, LHRC serves approximately 850 residents and nearly 50 adult day service clients.
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LifeSpire of Virginia consists of four owned and operated life plan communities across the Commonwealth of Virginia, as well as the Virginia Baptist Homes Foundation. Shortly following the Series 2021 financing, LifeSpire will acquire the independent living, assisted living, and surrounding land of The Summit, located in Lynchburg, Virginia.
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HJ Sims successfully positions Pennsylvania not-for-profit corporation, Presbyterian Senior Living for future projects with an efficient fixed-rate refinancing.
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Benedictine Health System, a Minnesota nonprofit corporation, is a Catholic healthcare system that provides long-term care services, congregate housing, assisted living, rehabilitation services, and other healthcare and social services. Benedictine owns, or has a controlling interest in, 23 nursing facilities with 1,815 licensed beds and 26 senior housing with services facilities with 1,890 units in five states.
Continue readingAldersgate 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.
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Founded in 1852, Elwyn is one of the oldest, largest and most diverse not-for-profit providers of support, treatment and education to children and adults with intellectual and developmental disabilities, autism and related behavioral health issues in the U.S.
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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.
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Westminster Village West Lafayette was established in 1976 and subsequently formed into a not-for-profit Life Plan Community in 1981. Located off of Cumberland Park in West Lafayette, Indiana, the community held a long-standing reputation for producing quality services to middle-class retirees.
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Asbury engaged HJ Sims again to facilitate the refinancing of the PA Obligated Group’s outstanding Series 2012 Bonds. In evaluating potential refunding structures, the two key objectives were to maximize debt service savings while also minimizing or eliminating the renewal risk associated with traditional commercial bank financings.
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Westminster Village West Lafayette was established in 1976 and subsequently formed into a not-for-profit Life Plan Community in 1981. Located off of Cumberland Park in West Lafayette, Indiana, the community held a long-standing reputation for producing quality services to middle-class retirees.
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by Anthony Luzzi
Although it is headquartered in New Jersey, Sims Mortgage Funding seems to have a second home in Louisiana – we have closed close to $530 million in HUD-insured loans in the Pelican State. We returned there last month to complete a $10,814,900 refinancing for Metairie Manor, a 287-unit, Section 8 funded, affordable senior housing community owned and managed by affiliates of the Archdiocese of New Orleans.
The backstory? We originally refinanced Metairie Manor in 2012 when it paid off its HUD Section 202 Direct Loan; that refinancing produced about $250,000 in annual debt service savings that have been used to fund wellness and affordable nutrition programs, resident units deep-cleaning services, and enhanced transportation options. Interest rates for HUD-insured loans have dropped since the 2012 refinancing, so the Archdiocese brought us back to evaluate options to generate more debt service savings.
Our solution? We originated a new HUD-insured loan under the Section 222(a)7 program, an expedited review option that does not require an appraisal and has a pared-down application and underwriting format. This minimized the time it took us to develop the application and loan underwriting, and the time it took for HUD to review and approve the deal.
The result? The 223(a)(7) loan reduced the project’s interest rate by 33% and produced debt service savings of $118,000 annually. Moreover, in order to maximize annual debt service savings, we negotiated an extension of the loan term of almost 10 years. The additional savings from the new 223(a)(7) loan materially expands Metairie Manor’s capacity to provide services and programs to its residents, enhancing it already-solid reputation in the community. We also built approximately $700,000 into the new loan to supplement the existing Reserve for Replacements fund, so there is a stable platform to provide for Metairie’s physical needs in the future.
The takeaway? The new 223(a)(7) loan will enable Metairie Manor to expand its programs and services and increase its capital reserves – all to be accomplished without an increase in the existing Section 8 funding.
An encore? The Metairie Manor refinancing is the eleventh HUD-insured loan we have closed for the Archdiocese and its management affiliate, Christopher Homes, Inc.
For more information, please contact Andrew Patykula at [email protected].
Sims Mortgage Funding, Inc. originates, underwrites, and funds loans for Healthcare, Multifamily and Hospital projects. We have completed over $2 billion in HUD-insured transactions and are an approved LEAN (healthcare) and MAP (multifamily) lender.
Sims Mortgage Funding, Inc. is a wholly owned subsidiary of HJ Sims.
A regional, owner, operator and developer of seniors housing communities, with over 15 years of experience, recently partnered with HJ Sims to close on the acquisition of a senior living community in Utah.
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Sunset Retirement Communities is a multi-campus not-for-profit senior living provider located in West Michigan. HJ Sims was engaged to identify the optimal capital structure for Sunset’s project financing while also reviewing their existing bank debt with two different banks.
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Watermark Retirement Living, which manages 65 communities in 21 states with additional communities under development, including CCRC’s, standalone independent living, assisted living and memory care communities in addition to Medicare-certified rehabilitation and skilled nursing neighborhoods, has partnered with ZOM Living, a highly regarded luxury multifamily developer, to develop two luxury senior living communities in South Florida.
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HJ Sims Partners with StoneCreek Real Estate Partners and Civitas Senior Living to facilitate $3.8 million in Retroactive PACE Financing. The StoneCreek of Littleton development is a new construction, 92-unit senior housing community that includes 70 assisted living units and 22 memory care units providing local access to quality senior housing and care in the Littleton area of Denver, Colorado.
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The Gurwin Healthcare System has been providing quality healthcare services to Long Island since 1988, first with the Gurwin Jewish Nursing and Rehabilitation Center – a CMS 5-Star, 460-bed facility and then with the Fay J. Lindner Residences – a 201 bed assisted living community.
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Based in Seattle, Washington, R.D. Merrill Company (“Merrill”) was founded in 1890 by Richard Dwight Merrill initially as a timberland business, later diversifying into real estate investment, development, and management of senior housing, mixed-use, and multi-family properties.
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Headquartered in Waltham, Massachusetts, Benchmark Senior Living is a premier owner, operator, and developer of senior living communities. Founded in 1997, Benchmark currently operates 61 communities and over 5,500 units spread across eight states in the northeast.
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Based out of Hickory, North Carolina, ALG Senior is a best in class senior living owner, operator and developer, operating more than 150 independent living, assisted living and memory care communities in eight states, with a total of more than 12,500 beds under its management.
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