HJ Sims generates significant debt service savings for Benedictine Health System affiliate, Catholic Residential Services, a senior living community consisting of two assisted living and skilled nursing communities located in Wisconsin.
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Sims Mortgage Funding’s very successful 2021 can be described in a single word – refinance. We completed eleven refinancing deals last year, totaling approximately $131 million, for existing clients who had HUD-insured loans already in place.
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By the time he turned five, Harvey “Little Man” Sutton of Lynchburg, Virginia, had spent a remarkable 11% of his life on the Appalachian Trail, hiking more than 2,190 miles through 14 states in 209 days, starting with his first steps up on Georgia’s Springer Mountain in January of 2021, and ending with the final celebratory steps in August atop Mount Katahdin. To maintain or hike is just one of the many questions also facing the Federal Open Market Committee, a very special subgroup of U.S. central bank whose statements and actions drive the global markets.
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HJ Sims Partners with Wesley Woods of Newnan – Peachtree City, a continuing care retirement community located in Newnan, Georgia, to Refinance Outstanding Bonds and Improve Covenants.
Continue readingThere is a drumbeat emanating from family kitchens and elementary school classrooms, corner restaurants and city stadiums, office buildings and grocery stores, suburban gyms and resort hotels, and it is growing louder. And, those drumbeats have reached the financial markets. Starting two years ago, the financial markets have been percussed, but have since been cymbals of the central banks and the incongruous but profitable risk-on behavior they have fostered.
Continue readingIn an all too familiar scenario for writers, one persistent author suffered through 30 rejection slips before his book was finally accepted for publication. Canadian sociologist Laurence Peter had asked aloud: “Why do things always go wrong?”
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HJ Sims successfully completes $25.1 million Cinderella refinancing with 15-year Bank Commitment for Bible Fellowship Community, a not-for-profit life plan community, located on 46 rural acres in Whitehall, Pennsylvania.
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“When our Board of Trustees chose HJ Sims to represent Clark in identifying and evaluating potential affiliation partners it was due to two key factors: 1) HJ Sims reputation and experience in working with non-profit, faith based Life Plan Communities through this process and 2) Clark’s ability to work with Lynn Daly. Lynn has consistently demonstrated to me and my Board a willingness to know and embrace our mission, vision and values over the time we have worked with her. She is also honest and frank about the process and how it will work. We are very pleased with the work and support received from HJ Sims and Lynn Daly and we look forward to continuing our relationship with them for years to come.” – Brian Pangle, President/CEO, Clark
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MHS’s Mennonite Health Assembly
HJ Sims is proud to be an MHS Supporter Sponsor.
Thought Leadership and Educational Session:
The Power of Innovative Senior Services Boards
Session Date & Time: Friday, March 25, 2:30 – 3:30 pm
Session Description: Not-for-profit senior living management teams expect their boards to be forward-thinking, strategic and innovative. Innovation at the board level is a function of various elements, including a defined strategic direction and best practices in place. So, what does an effective board look like? What are some tools boards can use to remain focused on their organizations’ mission? ? Does the board or management create the strategic plan?
Join Baker Tilly and HJ Sims, together with the Board Chair and Chief Operating Officer of Landis Communities, for an informative an interactive discussion that will explore elements of an innovative board although anyone is welcome.
Featured Speakers:
Contacts:
LIBOR, which has been the primary index upon which Senior Living Bank Loans and Swaps have been denominated in new and existing financings, is to be discontinued and as such a replacement index is needed. Borrowers should consider the use of an alternate index, and this piece provides expertise on the pending LIBOR replacement as a consideration for senior living organizations.
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HJ Sims Partners with Plantation Village, a life plan community, which opened in 1988 in Wilmington, North Carolina, to Facilitate Approximately $65 Million Hybrid Expansion Financing involving Short-Term and Intermediate-Term Draw Down Bank Debt and Long-Term Fixed Rate Bonds.
Continue readingThe clock was built in 1947 by distinguished American engineers and scientists and it has been ticking away for 75 years now. For the past two years it has been stuck at 100 seconds, an urgent wake-up call meant to tell us how close we may be to destroying our own world.
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A newly formed venture was under contract to acquire a highly occupied skilled nursing community in the Southwest. The Borrower’s ownership team combined the strength of an experienced local executive management team with a nationally recognized skilled nursing owner and operator.
Continue readingWith seven percent annualized inflation and supply chain woes carrying over from 2021, with our central bank clearly telegraphing the reversal of its decade-long loss insulation efforts, with uncertainty over the next path of a pandemic amongst other woes, it is no wonder that most financial markets are upside down this month.
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HJ Sims Partners with Good Shepherd Village at Endwell to Refinance Bank-Held Bonds and Provide Funds for Community Improvements. Good Shepherd Village at Endwell, Inc. is a fee-for-service continuing care retirement community located in Endwell, New York approximately 8 miles west of Binghamton consisting of 74 independent living cottages, 80 independent living apartments, 16 assisted living units, 16 memory care units and 32 skilled nursing beds.
Continue reading108 years ago, the Senate compromised with the House and the Federal Reserve Act was signed into law on December 23, 1913. At present, the Banking Committee held re-nomination hearings for Jerome Powell, the seventeenth Fed chairman.
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HJ Sims Successfully Completes $48.5 Million Refinancing and Expansion Project with 15-year Bank Commitment for Peter Becker Community, a not-for-profit life plan community located on a nearly 100 acre campus in Harleysville, Pennsylvania.
Continue readingA new year began on Saturday and residents on part of the island nation of Kiribati in the Central Pacific were among the first to ring it in and flip the calendar page from 2021 to 2022. Then, hour by hour, the countdowns moves across the world. Finally, 25 hours after it began, 2022 rolled through the last spot on Earth to officially greet the new year.
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National Association of Bond Lawyers: NABL U The Institute
Thought Leadership and Educational Session:
Hot Topics in Disclosures for 501(c)(3) Borrowers
Session Date & Time: Thursday, March 3, 5:00 – 6:15pm ET
This panel will cover hot topics in disclosure for 501(c)(3) borrowers in the following sectors: health care, senior living, housing, and higher education. Disclosure considerations unique to each sector will be discussed as well as topics that apply to all such as bank loan disclosure, recent SEC risk factor guidance, cybersecurity, climate change, and LIBOR. Disclosure considerations concerning taxable 501(c)(3) bonds will also be discussed along with the particular considerations in connection with ongoing disclosure, foreign legends and tax disclosure.
Featured Speakers:
Contacts:
by Anthony Luzzi
“When you work with a mortgage banker for 15 years they become as much a part of your team as your architects, engineers and contractors. They have consistently delivered positive results and have closed deals that otherwise would have never happened. Their knowledge of each HUD program is unsurpassed, and it is very obvious that every HUD office they have worked with has the utmost confidence and respect for their team. With the respect from the different offices, they are able to reach out to the higher levels of HUD to solve problems. We look forward to working with Sims for many years to come and we strongly recommend them to any company interested in completing a HUD loan.”
– David Alexander, Managing Partner, Vintage Realty Company
PARTNERED RIGHT
In 2018 we originated an $26,172,500 FHA-insured Section 221(d)(4) loan that financed construction of Elan at Terra Bella a 178-unit market-rate apartment project located in a planned community. The Project was developed and is managed by Vintage Realty Company, a privately owned, full-service real estate firm specializing in the brokerage, leasing, property asset management, development, and construction.
Interest rates had declined since the original financing, providing Vintage with the opportunity to generate debt service savings. We advised them of this positive development in the market and suggested a refinancing structured under HUD’s Mortgage Note Modification/Interest Rate Reduction (IRR) protocol.
STRUCTURED RIGHT
Acting as Financial Advisor, we developed the initial financial modeling of the transaction and coordinated the development of the formal IRR proposal with the existing loan servicer, whom we brought into the 2014 refinancing. The entire transaction took approximately 75 days to complete.
EXECUTED RIGHT
The IRR reduced the interest rate by 22% and will generate total debt service savings of approximately $6.2 million through the remaining term of the loan.
FINANCED RIGHT®
The IRR, completed three years after our initial financing, is another example of SMF maintaining long-term relationships with our clients and delivering to them ongoing value. Sims has closed 26 HUD-insured loans for Vintage since 2002.
For more information, please contact Kerrie J. Tomasiewicz 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.
