Broadview at Purchase College Celebrates Grand Opening

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On May 2, 2024, Broadview at Purchase College celebrated its grand opening with hundreds in attendance. Constructed on leased land on the campus of the State University of New York – Purchase College, Broadview has 222 independent living apartments and villas, 68 assisted living and memory care suites along with a variety of amenity and social areas. A key attribute of the community is its close proximity to the center of the campus and strong emphasis on multi-generational learning.

The community was financed with approximately $398 million in tax-exempt bonds issued through the Westchester County Local Development Corporation with HJ Sims as sole underwriter.

Broadview welcomed its first residents in mid-December 2023 with new residents moving in at a very rapid pace. As of the grand opening, over 80% of the independent living units were occupied with the more scheduled for the coming months. To date just over $100 million in short-term bonds have been redeemed with entrance fees paid by residents. Based on scheduled move-ins, it is anticipated that the remaining $78 million in short-term bonds will be repaid on July 1, 2024, as occupancy reaches 85%.

Fitch Ratings Releases Draft Changes To Life Plan Communities Rating Criteria

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On March 4, 2024, Fitch published an exposure draft outlining proposed changes to the rating criteria for U.S. non-profit Life Plan Communities (LPC). Sims bankers had the opportunity to meet with representatives of Fitch to discuss the rationale for the changes and the potential implications when the changes go into effect. The following was created to assist LPC organizations to better understand the proposed changes, the process and the potential impact.

What Are the Primary Changes Being Considered?

Ratings that do not carry a third-party guarantee (e.g., bank or insurance company) will be capped to the ‘A’ category. This same limitation will apply to the key rating drivers (Revenue Defensibility, Operating Risk and Financial Profile).

The Revenue Defensibility assessment for LPCs with a higher number of skilled nursing units compared to independent living units will be further capped at ‘bbb’, indicating these communities are “more vulnerable to revenue pressures” and have “very little pricing flexibility” due to exposure to governmental payors.

A “Size and Scale” sub-assessment will be added within Revenue Defensibility to “better reflect the relative credit strength of single site vs. multi-site LPCs, as well as size and scale by number of units.”

The proposed change which is likely to gain the most attention is the addition to the capital expenditure requirement under the Operating Risk driver and the use of a Capital Plan Risk Matrix, which could result in a negative rating action in advance of the commencement of a new expansion project. This matrix will include both the probability of a large-scale project occurring and the potential magnitude on the credit rating.

When Will the Proposed Changes Be Effective?

Fitch is accepting comments on the exposure draft through April 18, 2024, in email form only and to the following address [email protected].  Please note any comments will be made public by Fitch unless it is clearly stated that they should remain confidential. Sims is compiling comments for submission to Fitch so please contact your banker if you wish your comments to be included with ours.

Fitch expects to finalize and publish the new rating criteria by June 2024. At that time, the new criteria will replace the current criteria published in April 2023.

What’s the Anticipated Impact of the Changes on Credit Ratings?

Fitch anticipates that approximately 10% of the LPC ratings may be impacted by the criteria changes, and most rating changes would be one notch downgrades (e.g., BBB to BBB-).

What Happens if My Organization is Currently Seeking a Credit Rating or if Our Current Rating is Under Review?

During the exposure draft review period Fitch will apply the existing criteria (April 2023) to surveillance of existing ratings and as well as the assignment of new ratings. The exposure draft will not be used to assign any ratings.

What Happens Once the Changes Go into Effect?

Once the criteria changes go into effect, Fitch will publish a Rating Action Commentary with all the ratings that have been placed “Under Criteria Observation”. Fitch states these ratings will be reviewed as soon as practicable, but in all cases within six months.

What Should My Organization Do?

Sims regularly works with credit rating agencies on behalf of our clients. From preparing the information needed for a rating request, analyzing client data compared to industry medians, guiding our clients through the process and participating in annual surveillance calls, our bankers bring years of experience to the relationship. We also have team members who have worked at rating agencies before joining Sims. Please feel free to contact your banker with any questions or concerns. We are here to help.

Additional Information:

“Exposure Draft: U.S. Public Finance Not-for-Profit Life Plan Community Rating Criteria”, Fitch Ratings dated March 4, 2024

HJ Sims 2nd Annual Private Wealth Management Summit

HJ Sims is pleased to announce our second annual Private Wealth Management Summit. The internal Summit will be hosted on June 19th through June 21st at The Boca Raton resort in Boca Raton, FL. The theme of this year’s Summit is alternative investments, a hot topic in private wealth management.

The Summit is an opportunity for HJ Sims financial professionals to gather for education, collaboration, inspiration and a little fun under the sun. As we continue to grow, it is important for advisors to stay on top of the pulse in the industry so they can share their knowledge and provide clients with their best service.

The Summit will feature education sessions on products, solutions and technology advancements from leaders in the alternative investment space — including Apollo Global Management, First Trust, PCS, Nexpoint, Skyway Capital Markets and Saybrus Insurance Strategies, WhiteHawk.

Thank you to our sponsors!

The information contained herein is subject to change without notice. Under no circumstances shall this constitute an offer to sell or solicitation of an offer to buy. Investments involve risk including the possible loss of principal. HJ Sims is a member of FINRA and SIPC, and is not affiliated with The Boca Raton, NexPoint, First Trust, Apollo, WhiteHawk, Saybrus, Skyway Capital Markets, or PCS.

HJ Sims and the Palm City Chamber of Commerce Announce Inaugural Event to Advocate and Celebrate Women in Business

PALM CITY, FL– HJ Sims, wealth management, investment banking and institutional services firm founded in 1935, Rebecca Beckett, CFP®, Senior Vice President and Financial Advisor, and the Palm City Chamber of Commerce are pleased to announce the inaugural Women in Business Summit on September 22, 2022 at Charlie Leighton Park in Palm City, FL.

Coinciding with American Business Women’s Day to advocate and celebrate women in business and leadership positions throughout the community; the summit will feature exhibits, sessions and insights by local, accomplished businesswoman. Topics will range from finance, education, business management to health & wellness in order to provide attendees with valuable knowledge, tools and resources that emphasize the issues directly impacting today’s businesswomen.

“We are looking forward to this special day, and are thrilled to be able to host an event of this caliber. In fact, we have extended an invitation to all of our local, female dignitaries of Martin County, and plan to commemorate the summit with a ribbon cutting ceremony just before the official kick-off at 2pm.” stated Missi Campbell, Executive Director of the Palm City Chamber of Commerce.

Speakers include: Rebecca Beckett, CFP®, HJ Sims; Amanda Foster, Mortgage Specialist, Zarro Mortgage Group; Joan Goodrich, Executive Director, Martin County Business Development Board; Dr. Lisa Grassam, Chiropractor and Owner, Grassam Spine & Wellness Center; Donna Linton, Reverse Mortgage Advisor, Zarro Mortgage Group; Jill Marasa, Director of Development, Ashley Capital; and Joanne Zarro, President, Zarro Mortgage Group.

Exhibitors include: Ashley Capital, Capstone IT, Colorado Pawn & Jewelry, Crafted the Store, Dultmeier Photography, Eagle Insurance, Grassam Spine & Wellness Center, Hell Gate Sea Dragons, HJ Sims, Inner Truth Project, Martin County Business Development Board, N2 Architecture, O’Donnell Impact Windows & Storm Protection, Pampered Chef Independent Consultant, Personal Training by Celeste, Sandhill Cove, Schaffer Mortgage Corporation, Skin Serenity Spa, White Glove Moving & Storage and Zarro Mortgage Group.

The summit will be held from 2:00 pm to 5:00 pm on September 22 at the Palm City Community Center at Charlie Leighton Park in Palm City, FL. For more information and to RSVP to attend this free event, visit hjsims.com/2022-women-in-business-summit/.

CERTIFIED FINANCIAL PLANNERTM: Rebecca Beckett: 561.620.2173 | [email protected]

ABOUT HJ SIMS: Founded in 1935, HJ Sims is a privately held investment bank and wealth management firm. Headquartered in Fairfield, CT, Sims has nationwide investment banking, private wealth management and trading locations. Member FINRA, SIPC. Testimonials may not be representative of another client’s experience. Past performance is no guarantee of future results.  Facebook, LinkedIn, TwitterInstagram.

ABOUT PALM CITY CHAMBER OF COMMERCE:

The Palm City Chamber of Commerce’s mission is to serve as the principal advocate of the community and its businesses, acting as the catalyst in promoting the economic development of the Palm City area, stimulating jobs, and improving the quality of life.  We actively participate in our local community to strengthen Martin County and all it has to offer to our residents and visitors.

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HJ Sims Closes $25.515 Million Series 2022 Bonds for Texas Public Charter School

HJ Sims announces the closing of a $32 million USDA-financed expansion project for Evenglow Lodge in Pontiac, IL. In accordance with USDA-debt requirements, proceeds of the financing will be used for the construction of 76 replacement assisted living units, common space and other space used by the Health Center, as well as for the demolition of the existing assisted living structure.

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HJ Sims Announces 1st Annual Private Wealth Management Summit

The HJ Sims Private Wealth Management Group is pleased to announce our first annual Private Wealth Management Summit. The internal Summit will be hosted on May 31st through June 3rd at The Boca Raton resort in Boca Raton, FL, a short drive from HJ Sims’ Boca Raton office. The theme of this year’s Summit is alternative investments, a hot topic in private wealth management.

The Summit is an opportunity for HJ Sims financial professionals to gather for education, collaboration, inspiration and a little fun under the sun. As we continue to grow, it is important for advisors to stay on top of the pulse in the industry so they can share their knowledge and provide clients with their best service.

Alternative investments are any financial asset that does not fall into one of the conventional investment categories, such as stocks, bonds and cash. Alternative investments include real estate, private equity, hedge funds, venture capital and collectibles.

Our three-day Summit will feature education sessions on products, solutions and technology advancements from leaders in the alternative investment space. 

Thank you to our 2022 Summit sponsors!

The information contained herein is subject to change without notice. Under no circumstances shall this constitute an offer to sell or solicitation of an offer to buy. Investments involve risk including the possible loss of principal. HJ Sims is a member of FINRA and SIPC, and is not affiliated with The Boca Raton, NexPoint, InspereX, First Trust, Capital Square, One Oak, Glide Capital, Apollo, Blue Rock, WhiteHawk Energy or PCS.

ASA 2022 On Aging Conference

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2022 On Aging Conference

The theme of the 2022 Conference is Advancing Economic Security.

HJ Sims is proud to be a thought leader and present at On Aging, considered to be the nation’s largest multidisciplinary conference on aging.

Education Session:

Reaching a Diverse Middle Market through Innovative Engagement, Funding & Design Strategies

Session Description:

Explore programming, engagement, design and funding strategies to develop age-friendly, diverse, middle market housing. This session will delve into the formation of key strategic partnerships for successful community integration and inclusion. The panel will highlight housing strategies that address the key themes of Innovation and Social Impact, Economic Security and Justice and Equity.

Panelists:

  • Lynn Daly, Executive Vice President, HJ Sims
  • Evon Bergey, Vice President of Community Initiatives, Landis Communities
  • Craig Kimmel, Partner, RLPS Architects
  • Elizabeth Soto Albrecht, Diversity Consultant

Attendance: