In Year Two of this pandemic, while battling the Delta and Omicron variants, supply and labor shortages, multi decade-high inflation, and uncertainties on so many fronts, a number of organizations have nevertheless managed to celebrate significant milestones. Congratulations to one and all for enduring, thriving, and inspiring millions around the world through service, education and entertainment, in both good and trying times.
Continue readingIn the course of the day, thousands of numbers fly through our brains, some random, others not to be forgotten. It is hard to imagine life without numbers but there are reportedly some cultures that lack words for all but the one to three. For those of us who spend most of our day immersed in analyzing financial data, we cannot help but wonder how folks manage to get along without being able to precisely identify and verbalize quantities. How do they build, borrow, grow? Can they live longer and happier if the count is limited to “one”, “two”, and “many”?
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HJ Sims executes complex current and advanced refundings for Maple Knoll Communities in anticipation of a pending affiliation. Maple Knoll Communities is an Ohio not-for-profit corporation that owns and operates two Continuing Care Retirement Communities.
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HJ Sims Partners with Brandermill Woods, a rental senior living community located outside of Richmond, Virginia, to Generate Cash Flow Savings and Early Debt Repayment via a 15-Year Fully Amortizing Bank Loan Exceeding Client’s Expectations.
Continue readingA lot has been written about the pandemic, this hundred-year global plague. We know there is still a lot more ink to flow. No matter our roles, we have all become voracious readers of studies and speculations that have kept us swinging between the states of hope and heartbreak, confused by directives, irritated by extreme claims and flat assurances, tired of the topic but anxious to have all the latest news as soon as it breaks via our phones, TVs, watches, radios, or paperboys.
Continue readingHJ Sims is pleased to announce the successful closing of a November 2021, $398.1 million tax-exempt and taxable bond issue for Purchase Senior Learning Community, Inc., formed to develop a new university-based retirement community, Broadview at Purchase College, being constructed on the State University of New York Purchase College campus in Purchase, NY.
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HJ Sims Raises $398 Million for New University Based Retirement Community on SUNY Purchase College Campus Employing Ground Leasehold Mortgage to Secure Bonds. Upon becoming President of the State University of New York – Purchase College in 2003, Thomas Schwarz assembled a committee to explore the possibility of developing a senior living community on the college campus.
Continue readingThe $1.2 trillion Infrastructure Investment and Jobs act was signed into law on Monday by President Biden, who appointed former New Orleans Mayor Mitch Landrieu as his senior advisor responsible for coordinating its implementation.
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$32,520,000*
NORTH CAROLINA MEDICAL CARE COMMISSION
Revenue and Refunding Bonds
Plantation Village, Inc. Project
Series 2021A Bonds*
HJ Sims is pleased to serve as sole underwriter for Plantation Village, Inc., the only nonprofit Life Plan Community in Wilmington, North Carolina. Plantation Village offers independent living and access to a continuum of care, and is located on approximately 56-acres in a desirable and growing area of North Carolina. The community, which was established in 1982 with the campus opening in 1988, has grown and expanded since its inception. The Community currently includes 245 independent living units in the form of cottages, duplex homes, villas, and market-rate apartments, with an additional 44 independent living units through their 2021 expansion on target for completion by December 2022. With the completion of the expansion, the community will have multiple indoor/outdoor dining venues, a game room, a cinema, a board room, an arts studio, an auditorium, a dog park and beautiful walking paths.
Plantation Village has a shared agreement with neighboring Davis Community to provide healthcare services such as assisted living and skilled nursing.
About the Bonds
Use of Bond Proceeds
Project
Security
Key Financial Covenants
We are currently accepting indications of interest for these tax-exempt bonds with an expected pricing the week of November 15, 2021, and anticipated settlement during the week of December 2, 2021. For more information including risks, please read the Preliminary Official Statement in its entirety. If you have interest in purchasing these bonds, please contact your HJ Sims financial professional as soon as possible.
*Subject to change
No dealer, broker, salesperson, or other person has been authorized to give any information or to make any representation other than those contained in the Preliminary Official Statement and, if given or made, such other information or representation should not be relied upon as having been authorized by the Issuer, the Borrower, or the Underwriters. The information set forth herein has been obtained from the Issuer, Borrower, and other sources that are believed to be reliable, but is not guaranteed as to accuracy or completeness by, and is not construed as a representation of, the Underwriters. 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, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any offering or solicitation will be made only to investors pursuant to the Preliminary Official Statement, which should be read in its entirety. Investments involve risk including the possible loss of principal. HJ Sims is a member of FINRA and SIPC, and is not affiliated with Plantation Village, Inc.
Exactly as expected, the central bank announced plans to reduce its monthly bond purchases by $15 billion in November and December and, economic conditions permitting, continue to taper through June of 2022 when net new purchases of government and mortgage-backed bonds would cease.
Continue readingHJ Sims is pleased to announce the successful closing of a September 2021, $8.781 million taxable note on behalf of Clark Lindsey Village. Established in 1978, Clark Lindsey Village is a not-for-profit Life Plan Community located in Urbana, Illinois. Today, the campus encompasses all levels of care with 147 units of Independent Living; 12 units of Memory Care and Assisted Living; as well as 105 beds dedicated to Skilled Nursing. It is one of eight communities in the nation to have earned the designation as a “Center for Successful Aging.”
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$15,085,000*
Residential Care Facilities for the Elderly Authority of Coweta County
Revenue Bonds
Wesley Woods of Newnan – Peachtree City, Inc. Project
Series 2021 Revenue Bonds*
HJ Sims is pleased to serve as sole underwriter for Wesley Woods of Newnan–Peachtree City, Inc., a life plan community located in the Newnan area of Coweta County of Georgia, and managed by Wesley Woods Senior Living, Inc. The Community currently consists of a total of 168 units: 84 independent living apartments, 16 independent living cottages, 8 memory care apartments, 37 assisted living apartments and 23 skilled nursing suites. All healthcare at this community is 100% private pay. Wesley Woods of Newnan is the only life plan community in the market area.
About the Bonds
Use of Bond Proceeds
Project
Security
Key Financial Covenants
We are currently accepting indications of interest for these tax-exempt bonds with an expected pricing the week of November 8, 2021, and anticipated settlement during the week of December 2, 2021. For more information including risks, please read the Preliminary Official Statement in its entirety. If you have interest in purchasing these bonds, please contact your HJ Sims financial professional as soon as possible.
*Subject to change
No dealer, broker, salesperson, or other person has been authorized to give any information or to make any representation other than those contained in the Preliminary Official Statement and, if given or made, such other information or representation should not be relied upon as having been authorized by the Issuer, the Borrower, or the Underwriters. The information set forth herein has been obtained from the Issuer, Borrower, and other sources that are believed to be reliable, but is not guaranteed as to accuracy or completeness by, and is not construed as a representation of, the Underwriters. 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, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any offering or solicitation will be made only to investors pursuant to the Preliminary Official Statement, which should be read in its entirety. Investments involve risk including the possible loss of principal. HJ Sims is a member of FINRA and SIPC, and is not affiliated with Wesley Woods of Newnan – Peachtree City, Inc.
November is Long Term Care Awareness Month, and this year marks the 20th anniversary of the annual designation. As one of the top capital funding sources for continuing care retirement communities and other senior living facilities, HJ Sims understands that 70% of men and women over the age of 65 will have need for some type of long-term care in the coming years.
Continue readingJohann Sebastian Bach’s Toccata and Fugue in D minor is one of the most famous pieces of Baroque organ music ever written and its opening notes still send chills up the spines of Halloween party-goers. At this writing, however, no traders are humming these unforgettably eerie notes as we head into month-end and All Hallows’ Eve.
Continue readingHJ Sims is pleased to announce the successful closing of a July 2021 financing in the amount of $26.3 million for United Church Homes (UCH). Sims was hired to assist UCH in connection with securing financing to acquire the Polaris Retirement Community from Polaris Retirement Living Properties, LP. A newly built independent senior living community for those 55 and older having 136 one- and two-bedroom apartments located north of Columbus, OH.
Continue readingThird quarter corporate earnings reporting season began in earnest last week and stock prices rose as investor alarm over rising inflation, supply disruptions, and waning consumer sentiment notched down a bit with strong bottom line results and positive forward guidance.
Continue readingIn the animal kingdom, owls have the highest degree of head rotation. We humans cannot attempt such flexible maneuvers, but as investors, as advisors, as managers, as parents and caregivers, we would sure love to have a 360-degree view of the world at all times, to be able to see whatever is coming from any direction so as to avoid trouble as well as pounce on opportunity.
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$263,630,000*
PUBLIC FINANCE AUTHORITY
Revenue and Refunding Bonds
Searstone CCRC Project
Series 2021A Revenue Bonds $104,850,000*
Series 2021B-1 Entrance Fee Principal Redemption Bonds $36,310,000*
Series 2021B-2 Entrance Fee Principal Redemption Bonds $32,240,000*
Series 2021C Taxable Entrance Fee Principal Redemption Bonds $5,315,000*
Series 2022A Forward Delivery Revenue Bonds $8,920,000*
Series 2023A Forward Delivery Revenue Bonds $75,995,000*
HJ Sims is pleased to serve as sole underwriter for Samaritan Housing Foundation, Inc., d/b/a Searstone Retirement Community, a life plan community located in Cary, North Carolina. The Community presently consists of 169 one- and two-bedroom independent living units, including 131 apartment-style, and 38 homes. Amenities are centralized in their “Clubhouse”, and include dining venues, indoor swimming pool, fitness and exercise area, spa/salon, game room, multi-purpose ballroom, and an art studio. Searstone also has gardens, walking trails and an approximately 16-acre lake.
Searstone’s healthcare services are delivered in Brittany Place, a standalone building on campus. Following a recent expansion financing completed in 2018 by HJ Sims, there are 14 assisted living units and 25 skilled nursing units. Pursuant to North Carolina Certificate of Need regulations, only residents from independent living may transfer to these areas, no direct admissions to healthcare are allowed.
The Highview at Searstone project will include 152 one- and two-bedroom independent living units, all under one roof. A new core of common amenities will be included in this building, which includes multiple dining venues, a large multipurpose room, and various gathering spaces for residents. In addition, the project includes substantial update to outdoor spaces throughout the community. To accommodate the significant increase in residents, Brittany Place is also being expanded as part of the project. In total, 53 new healthcare units are being constructed, including 14 specialized memory care units, a service line that Searstone does not currently offer. In addition to the memory care, the scope includes 15 assisted living and 24 skilled nursing units.
HJ Sims has been working with Searstone since 2012, before they opened in late 2013 financing the start-up. Now, Searstone is ready to start their important expansion project called “The Highview at Searstone” to accommodate growing market demand in the community. To learn more about the history of the Searstone financings with HJ Sims, please read about the previous case studies in their entirety:
About the Bonds
Use of Bond Proceeds
Project
Security
Key Financial Covenants
We are currently accepting indications of interest for these tax-exempt bonds with an expected pricing the week of October 18, 2021, and anticipated settlement during the week of November 15, 2021. For more information including risks, please read the Preliminary Official Statement in its entirety. If you have interest in purchasing these bonds, please contact your HJ Sims financial professional as soon as possible.
*Subject to change
No dealer, broker, salesperson, or other person has been authorized to give any information or to make any representation other than those contained in the Preliminary Official Statement and, if given or made, such other information or representation should not be relied upon as having been authorized by the Issuer, the Borrower, or the Underwriters. The information set forth herein has been obtained from the Issuer, Borrower, and other sources that are believed to be reliable, but is not guaranteed as to accuracy or completeness by, and is not construed as a representation of, the Underwriters. 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, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any offering or solicitation will be made only to investors pursuant to the Preliminary Official Statement, which should be read in its entirety. Investments involve risk including the possible loss of principal. HJ Sims is a member of FINRA and SIPC, and is not affiliated with Searstone Retirement Community.
FOR IMMEDIATE RELEASE
CONTACT: Shauna Reilly, CMO | 203-418-9043 | [email protected]
HJ Sims Assists Landis Homes in Securing Bank Financing for a New Independent Living Campus in Downtown Lancaster and Refinancing of Variable Rate Bank Debt with Fixed-Rate Bond Debt
FAIRFIELD, CT– HJ Sims (Sims), a privately held investment bank and wealth management firm founded in 1935, is pleased to announce the successful closing of an August/September 2021 financing in the amount of $25 million for Landis Place on King (LPK) and $53 million for Landis Homes Retirement Community (LHRC), which operates a Continuing Care Retirement Community in Lititz, PA. Landis is a wholly-owned subsidiary of Landis Communities (Landis) that operates a home and community services subsidiary, Landis HCBS, and a middle-market housing subsidiary, Landis Quality Living. As of 2021, LHRC serves 850 residents on its campus with residential living (cottages, apartments, hybrid homes, and suites), personal care, skilled nursing, and memory support services.
Landis approached Sims in the spring of 2021 for help with securing financing for two separate transactions. The first was to build LPK, a mixed-use development, which will bring 79 middle- and low-income senior housing units to downtown Lancaster, PA. The second was the permanent refinancing of three outstanding variable rate bank loans that provided capital for renovations.
Sims evaluated financing alternatives for LPK, determining that the lower costs associated with bank financing were the most attractive. Sims coordinated a robust bank solicitation process, selecting Orrstown Bank, which provided $25 million in draw-down capital financing, along with an attractive fixed rate for the first 10 years of their 15-year commitment.
Sims provided bond underwriting in connection with the refinancing of $48 million of LHRC’s Series 2015B, 2015C and 2017A bank loans, and provided $5 million in capital for campus renovations. The Series 2021 Bonds were structured as parity obligations with LHRC’s existing Series 2015A Bonds and the LPK bank debt provided by Orrstown Bank
Both financings are secured by a Pledge of Gross Revenues, First Mortgage positions on LHRC and LPK, and the Series 2021 Bonds are secured by a Debt Service Reserve Fund. The LPK Bank Financing provides 15-years of funding, with an underlying 30-year amortization and a fixed-rate of 2.35% for 10 years. The Series 2021 Bonds were structured as 35-year bonds, bearing a 5-year premium redemption option and amortized to wrap around LHRC’s existing Series 2015A bonds, providing level debt service.
The financing team closed the LPK bank financing prior to the expiration of the Bank’s natural fixed-rate commitment, followed by the closing of the $53,385,000 Series 2021 Bonds. The bonds oversubscribed, allowing for lower interest rates to LHRC’s benefit.
Closing on August 18 and September 29, 2021, the $25 million LPK and the $53 million LHRC financings provide Landis with competitive cost of financing and support for future growth.
“Sims was an excellent partner for Landis during our recent financing transactions. Having one financing transaction moving forward at a time is difficult enough; we had two separate financings moving on parallel tracks. The Sims team was prepared, organized, and gave what was needed for success. They negotiated hard, executed due diligence, and structured the financings to meet our individualized needs. We’re grateful to have Sims as our partner,” Corey Hamilton, CFO, Landis.
Financed Right®: Lynn Daly: 312.505.5688 | [email protected] , Jim Bodine: 267.360.6245 | [email protected], Siamac Afshar: 267.360.6250 | [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, Twitter, Instagram.
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Here we are in the final quarter of the year trying to figure out what we may need to do to help and protect our portfolios, investment goals, families and businesses, between now and year-end. There is a big “Wall of Worry” and less than 60 trading days left, some of which could be very volatile.
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