Investment Banking firm HJ Sims recently announced the successful closure of $6.6 million in financing for pre-development capital toward the pursuit of an expansion at the Raleigh, NC-based life plan community Samaritan Housing Foundation, d/b/a Searstone Retirement Community.
Covid-19 disrupted capital market activity for senior living providers of all kinds, including nonprofit continuing care retirement communities (CCRCs). However, this summer has marked a shift, with multiple large financing deals being completed — a testament to greater confidence in bond market investors, and a reflection of CCRCs’ ability to withstand pandemic pressures.
HJ Sims has arranged $29.3 million in financing for the development of Encore on the Lake, an 80-unit independent living community in North Strabane Township, approximately 20 miles southwest of Pittsburgh.
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