HJ Sims Market Commentary: Carving Up the Markets

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In one old Irish folktale, one night on All Hallows’ Eve, Stingy Jack was quenching his thirst at a pub when he ran out of money to pay his tab. The Devil, seeing an opportunity, suddenly appeared. But wily Jack managed to turn the tables and trap the Devil not once but twice. The price for the Devil’s release was that he would leave Jack alone and never ever lay claim to his soul. When he died, he was sentenced to roam the earth for eternity with nothing more than a lantern made from a carved-out turnip to light his way. Folks terrified by the prospect of the wandering soul that came to be known as Jack O’Lantern, began carving scary faces out of turnips, potatoes and mangelwurzels, placing them in windows or near entryways to scare him away. Irish immigrants brought the practice to America, the world’s eighth largest pumpkin grower, and soon every October called for us to start carving jack-o-lanterns out of this plump, orange, easily carve-able fruit. Pumpkins go hand in hand with Halloween and Thanksgiving, and both holidays draw near. It is the season of plenty — plenty of inflation in food, bond yields, fund outflows, bearishness and fear of missing out

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An Exclusive Investment Opportunity: The Dogwoods @ Long Ridge Project

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**This financing has been successfully closed. Please contact your advisor for any potential secondary market opportunities.**


Bond Anticipation Note Issue (BANs), Series 2022
(The Dogwoods @ Long Ridge Project)

HJ Sims is pleased to serve as sole underwriter for TJH Senior Living, LLC, an affiliate of The Jewish Home for the Elderly of Fairfield County, Inc. d/b/a Jewish Senior Services (JSS), an organization with approximately 50 years experience providing senior care to Connecticut residents. The Jewish Home for the Elderly provides a full range of services on The Harry and Jeanette Weinberg Campus in Bridgeport, CT, which includes a 294-bed skilled nursing facility and 32-bed assisted living and memory care as the only household model community in the State of Connecticut. It currently has a 5-star rating from The Centers for Medicare and Medicaid Services.

TJH Senior Living, LLC is planning to develop, own, and operate a continuing care retirement community (a “CCRC”) on 15 acres of land in Stamford, Connecticut currently planned to consist of 168 independent living units, 14 assisted living units, 14 memory care units, and 14 skilled nursing beds, as well as common and administrative and support areas to be known as The Dogwoods @ Long Ridge. The community amenity space will include multiple dining venues, bar, bistro, a fitness center, a yoga studio, a salon, physical therapy gym, a wellness center, theatre, and various multipurpose rooms.

The community will be a Type A Entrance Fee Life Plan Community offering both refundable and amortizing Entrance Fee plans to prospective residents. Residents will also pay a Monthly Service Fee which will be used to fund the operations of the community, including food service, facilities maintenance, housekeeping, management, utility costs, and debt service. The amount of the Entrance Fee and Monthly Service Fee will vary based on the type and location of the Independent Living Unit.

The BANs will be secured by a first mortgage on the 15-acre property in Stamford, appraised at $27.1 million in February 2022 by Senior Living Valuation Services, Inc. (SLVS). Founded in 1991, SLVS is a San Francisco based firm that provides appraisal and consulting services to the senior housing industry.

About the BANs

  • Par Amount: $32,340,000 (subject to change)
  • Rating: Non-rated
  • Interest: The 2022 BANs will not bear interest on a current basis. The 2022 BANs will accrete interest  semi-annually and  payable on final maturity or earlier redemption
  • Tax Exemption: Interest on the 2022 BANs is excludable from gross income for federal and Connecticut income tax purposes
  • Denominations: Minimum $25,000 and multiples of $5,000 thereafter
  • Restrictions: Qualified Institutional Buyers or Accredited Investors only
  • Redemption: It is anticipated the 2022 BANs will be redeemed along with accreted interest with the proceeds of the permanent financing
  • Recourse: JSS has no obligation to make payments under the 2022 BANs
  • Final maturity: November 1, 2027 (subject to change)

Use of Proceeds

  • Acquisition of the 15-acre project site in Stamford, CT
  • Architectural design fees and expenses
  • Marketing fees and expenses
  • Transaction costs
  • Other related costs

Development Team

  • Development Consultant: Greenbrier Development LLC
  • Architect: Perkins Eastman DPC
  • Construction Manager: LECESSE Construction Services LLC
  • Co-Managers: JSS and Greenbrier Senior Living LLC


  • First mortgage on land appraised at $27.1 million (83.3%. of estimated BANs par amount)
  • Assignment of architect and development consulting contracts

Key Financial Covenants

  • Design Milestones
  • Quarterly Sales Milestones

We are currently accepting indications of interest for these tax-exempt bonds with an expected pricing the week of November 7, 2022, and anticipated settlement during the week of November 28, 2022. For more information including risks, please read the Preliminary Limited Offering Memorandum 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 Limited Offering Memorandum 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 Limited Offering Memorandum, 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 TJH Senior Living, LLC, The Jewish Home For the Elderly or any Jewish Senior Services entity.

HJ Sims Market Commentary: Webs of Belief

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The total amount of data in the world as of 2020 was estimated to be 44 zettabytes, or 44 trillion gigabytes, and every day since then we have created about 2.5 quintillion bytes more. So how do we handle this vast pool of information available to us, with more arriving constantly throughout the day and night? In order to be able to function amid all the information flow, we tend to create what some term a “web of belief”, a core logic, whether it is in fact logical or not. Many personal webs of belief have been completely altered during the pandemic. Those campaigning for public office count on many webs to be recast close to election day. It is happening again this year as voters have become laser focused on inflation, mortgage and interest rates, immigration, and crime, among other issues.

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HJ Sims Market Commentary: Warped and Twisted

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The Milky Way is vast: it may be one of trillions of galaxies in the universe, but it is about a thousand light years thick and stretching some 120,000 light years from end to end, holding every alien planet that our telescopes have ever spotted. To travel once around, it would take 250 million years. The Sun is based along one of its smaller arms about 26,000 light years from the turbulent core, which is packed with supermassive black holes. It has a thin, flat disk of gas and an unknown number of stars, some of which are believed to be 10 to 13 billion years old, in the middle. Near the edges, however, it appears rather sloppy, quite twisted and warped. In the financial markets these days, there is quite a lot that is warped, twisted and bubbly.

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HJ Sims Market Commentary: Fourth Quarter Challenges and Opportunities

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There is a form of writing going back to the 17th century known as a lipogram wherein a single letter, or a number of letters, are omitted from a work. The author’s challenge is to compose a poem, article or book without using the common letter ‘e’, for example — no easy task. In the case of this short market commentary, 889 instances of the vowel ‘e’ can be found. Imagine the difficulty involved in penning, say, a 50,000-word novel without a single use of that letter. These days we do not need to conjure up new challenges. We have plenty as it is just trying to get through a trading day without another loss, passing a gas station without seeing higher prices, coughing and wondering if we have the new COVID variant, turning on the TV without having a central banker tell us about the harsher dose of rate medicine we need to swallow for the next six months – or longer.

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HJ Sims Market Commentary: Bear Market Conditions

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The Atlantic Hurricane season is upon us, having arrived late but with lethal force. It typically runs from June to November, but this year the first major hurricane did not arrive until September 20. The focus is currently on the Category 3 storm headed to Tampa Bay but the remnants of Fiona are still being felt in Puerto Rico and eastern Canada. For people already exhausted by the pandemic, weakened by inflation and battered by investment losses, hurricanes seem to symbolize the hazardous conditions we face in 2022. There are still three months left in the year, but we would all like to evacuate now.

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HJ Sims Market Commentary: Mega Trillions

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Americans have been playing lotteries for centuries. Some of the earliest ones in the American colonies actually helped to fund the Revolutionary War. There is a lot of scratching and quick-picking going on in the financial markets of late, but very few prizes in the form of returns have been realized in 2022. After years of boom, this year is a big bust for almost every investor seeking returns. Given all the gloomy forecasts for global recession starting as soon as this year, it is hard to be positive on any market sector, although income-seeking investors holding higher yielding bonds are still happily clipping coupons.

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HJ Sims Market Commentary: Newton’s Cradle

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One of the easiest ways to learn about the laws of motion is to observe Newton’s Cradle at work. The Cradle was named in honor of physicist Sir Isaac Newton, and was designed to demonstrate the principles of conservation of momentum and energy. It seems an apt device for our times. In these current days of our lives, nearly 300 years post-Newton, long-held principles are being tested in executive offices, courtrooms and voting booths.

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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 | rbeckett@hjsims.com

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.


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.


HJ Sims Market Commentary: Role Reversal

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Stories about reversals make some of the best tales. We love it when the underdog turns everything around and wins: Rocky, David versus Goliath, the 1980 men’s Olympic Hockey team, the clever con man in Trading Places. This September, while we are busy going back to school, adjusting to new work routines, celebrating holidays and enjoying the change of season, our central bank is starting to undertake one of the biggest reversals of all time. The Federal Reserve is beginning to pare down its portfolio of nearly $9 trillion, one that has grown exponentially since 2007, doubling in size since the start of the pandemic.

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HJ Sims Market Commentary: Higher Coupons Meet With Strong Demand

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When asked about our favorite TV commercials, several always spring to mind. There are the ones that make us laugh, like the 1984 Wendy’s campaign when Clara lifts the bun and asks “Where’s The Beef?” or the giddy Geico camel in the 2013 Hump Day commercial. There are others that make us motivated, like the “Just Do It” slogan that became a core part of the Nike brand in 1988. Then we have the ads that touch our hearts, like the Super Bowl Coke commercial with Mean Joe Greene and the kid in the locker room or the Kodak Times of Your Life series.

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Resthaven (July 2022)

HJ Sims secures $87.7M of bank financing for expansion project and refinancing for Holland, MI based not-for-profit corporation, Resthaven. Resthaven provides housing, healthcare and other related services through the operation of 145 skilled nursing beds, 116 assisted living units, and 60 independent living rental units.

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