ALG Senior

Based out of Hickory, North Carolina, ALG Senior is a best in class senior living owner, operator and developer, operating more than 150 independent living, assisted living and memory care communities in eight states, with a total of more than 12,500 beds under its management.

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An Exclusive Investment Opportunity: Fountaingate Gardens

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

$103,245,000*
THE TOWN OF HUNTINGTON LOCAL DEVELOPMENT CORPORATION

Series 2021A Long Term Fixed Rate Bonds $39,745,000
Series 2021B Entrance Fee Principal Redemption BondsSM $32,500,000
Series 2021C Entrance Fee Principal Redemption BondsSM $31,000,000
(Gurwin Independent Housing, Inc. / Fountaingate Gardens Project)

HJ Sims is pleased to serve as sole underwriter for Fountaingate Gardens, a Gurwin Community, located on Long Island in Commack, New York. A not-for-profit life plan community, Fountaingate Gardens consists of 129 independent living apartments, common areas and a range of services and amenities. Residents will have access to the current offerings of Gurwin Healthcare System, which include assisted living, skilled nursing and short-term rehabilitation, among other services.

The Series 2021 bonds will provide (1) financing or refinancing of the construction, equipping, and furnishing of Fountaingate Gardens; (2) funding of a debt service reserve fund with respect to the Series 2021 Bonds; (3) funding of initial working capital needs directly related to the community and funding of capitalized interest with respect to the Series 2021 Bonds; and (4) paying of certain costs of issuing the Series 2021 Bonds (collectively, the “Project”).

Gurwin Independent Housing Inc., dba Fountaingate Gardens, is a New York not-for-profit corporation incorporated in 2014 to develop, construct and own Fountaingate Gardens. The Gurwin organization is dedicated to delivering a multi-faceted healthcare system committed to providing quality health care and services to Long Island residents, which include Gurwin Jewish Nursing & Rehabilitation Center, a 460-bed skilled nursing and rehabilitation center providing short and long term care, a memory care unit, ventilator care, infusion center and dialysis center; and Gurwin Jewish-Fay J. Lindner Residences, an assisted living community with 201 assisted living apartments including a memory care unit; and two home care agencies.

Artist's Rendering; subject to change

Virtual Site Visits/Tours

Tour the planned campus and project:

About the Bonds

  • Series 2021A
    • $39,745,000
    • Non-rated, tax-exempt
    • Bonds are exempt from Federal Income Tax and exempt from State of New York Income Tax
    • Denominations of $5,000
    • Interest will be payable on January 1 and July 1 of each year, commencing July 1, 2021
    • First principal payment: July 1, 2026
    • Call Feature: 104% on July 1, 2026, decreasing annually to 100% on July 1, 2030
    • Final maturity: July 1, 2056
  • Series 2021B
    • $32,500,000
    • Non-rated, tax-exempt Entrance-fee Principal RedemptionSM bonds
    • Bonds are exempt from Federal Income Tax and exempt from State of New York Income Tax
    • Denominations of $5,000
    • Interest will be payable on January 1 and July 1 of each year, commencing July 1, 2021
    • Principal redemptions made with initial Entrance Fees after funding working capital and full redemption of the Series C bonds (no sinking fund payments – anticipated to occur 23 months after initial occupancy at approximately 86.1% occupancy)
    • Final maturity: July 1, 2027
  • Series 2021C
    • $31,000,000
    • Non-rated, tax-exempt Entrance-fee Principal RedemptionSM bonds
    • Bonds are exempt from Federal Income Tax and exempt from State of New York Income Tax
    • Denominations: $5,000
    • Interest will be payable on January 1 and July 1 of each year, commencing July 1, 2021
    • Principal redemptions made with initial Entrance Fees after funding working capital (no sinking fund payments – anticipated to occur 11 months after initial occupancy at approximately 47.8% occupancy)
    • Final maturity: July 1, 2025

 Use of Proceeds

Project

  • Fountaingate Gardens will be located on 10.47 acres of land in Commack, NY, adjacent to the Lindner Residences.
  • It is a Life Plan Community consisting of 129 one- and two-bedroom independent living apartments, common areas and a range of on-campus services and amenities including: fitness and exercise areas, an indoor pool area, locker room space, accessory/storage space, library, kitchen, marketplace, and dining spaces, business area, assembly space, art studio, salon and day spa, game room and multi-purpose room.
  • As of February 12, 2021, 71 of the Independent Living units, representing approximately 55% of the total Independent Living Units, were reserved by prospective residents.

 Security

  • First mortgage lien
  • Debt service reserve funds
  • Capitalized interest funded for 22 months during construction
  • $2.85 million Entrance Fee Payment Guaranty from Gurwin Jewish Healthcare Foundation
  • $10.00 million Liquidity Support Agreement from Gurwin Jewish Healthcare Foundation

 Key Financial Covenants

  • Cumulative cash loss covenant (until Series B and Series C bonds redeemed)
  • Debt service coverage ratio of 1.20x (tested quarterly commencing with redemption of Series B and Series C bonds)
  • Liquidity covenant of 200 days cash-on-hand (tested semi-annually)

We are currently accepting indications of interest for these tax-exempt bonds with an expected pricing the week of March 1, 2021, and anticipated settlement during the week of March 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.

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888.650.0871

*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 Gurwin Independent Housing, Inc. d/b/a Fountaingate Gardens or any Gurwin entity.

StoneCreek at Copperfield

Based in Dallas, Texas, StoneCreek Real Estate Partners is a collaboration of recognized and seasoned professionals with more than 50 years of combined experience in the operations, development and ownership of successful senior living communities in Texas, Colorado, and Arizona.

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The Bethel Methodist Home

The Bethel Methodist Home Logo

The Bethel Methodist Home, d/b/a The Knolls, is a non-profit Continuing Care Retirement Community located on a 29-acre campus in Valhalla, New York in Westchester County. The Knolls offers a full continuum of care with independent living, assisted living and skilled nursing services on a single campus.

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The 19th Annual HJ Sims Late Winter Conference

Financing Methods & Operating Strategies in the Senior Living Industry for Non-Profit and Proprietary Senior Living Providers

Our 19th Annual HJ Sims Late Winter Conference examined trends and developments critical to the success of senior living communities. An extensive and thoughtful agenda was compiled to address financing methods and operating strategies that can help alleviate existing challenges and encourage continued growth in the non-profit and proprietary sectors of our industry. Throughout the conference, we delivered a dynamic group of speakers and experts committed to sharing thought-provoking views and providing profound insight.

Conference Recap
Conference Videos
Conference materials

Help us make the next Late Winter Conference even more successful by completing our feedback survey. We very much appreciate your input.

Feedback Survey
Photos

View the many beautiful photos from our conference in the galleries below. Click on each album to see all of the photos from the event.

For attendees who updated their professional headshots at the “Headshot Hub,” please contact Rebecca Brady to access your headshot.

Conference Details

Conference Agenda
Conference Speakers

Save the Date

The 20th Annual HJ Sims Annual Conference will be held in Sarasota, Florida. Stay tuned for dates and more information coming soon. We can’t wait to see you there!

For more information, please contact Rebecca Brady.