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Axxcess Platform Announces Partnership with HJ Sims

HJ SIMS: Tara Perkins, AVP Marketing Communications, [email protected] | 203-418-9049

AXXCESS PLATFORM: Alexis Brock, Marketing and Communications, [email protected] | 866-217-5607

AXXCESS PLATFORM ANNOUNCES PARTNERSHIP WITH HJ SIMS

FAIRFIELD, CT— Axxcess Platform (Axxcess), an enterprise turnkey asset management platform, announced today a partnership with HJ Sims, a privately held investment bank and wealth management firm headquartered in Fairfield, CT. HJ Sims and Axxcess have partnered to deliver a suite of portfolio management technology for the HJ Sims private client wealth management team.

“We are thrilled about partnering with HJ Sims to equip their team with our asset management solution to help them continue to deliver a rich client experience. We are confident the HJ Sims team will find incredible value in our platform, which offers the tools and resources needed in one technology stack, further optimizing their client management approach,” says Michael Seid, CEO of Axxcess.

Founded in 1935 on Wall Street, HJ Sims is entrusted with $2.3 billion of assets under management. Herbert J. Sims, founder, was an innovative and revolutionary thinker with an imaginative and pioneering spirit. During the Great Depression, Herbert recognized opportunity to create jobs and support important infrastructure, such as county roads, natural gas systems, and bridges and causeways, through municipal financings. Today, HJ Sims supports individual investors, organizations, municipalities and institutions with expert wealth management, trading services and investment banking solutions.

HJ Sims will utilize the Axxcess platform as an end-to-end portfolio management tool, allowing their wealth management experts to serve their clients’ financial needs with a seamless and scalable approach–including aggregating accounts, identifying risk, analyzing holdings, modelling and blending investment strategies, and accessing third-party directed solutions.

“Partnering with Axxcess by incorporating their customized technology and sophisticated interface via a first-class portfolio management tool will help our advisory team deepen their client relationships. The comprehensive technology platform provided by Axxcess empowers us to revolutionize our client experience with open architecture and access to best in breed money managers,” said Dan Mullane, Managing Principal of HJ Sims.

ABOUT AXXCESS PLATFORM

Axxcess integrates third party investment managers alongside real estate, private equity, and hedged investments to create a unique UMA/TAMP Platform to transform your Wealth Management practice. The Axxcess Platform is built for the experienced Advisor looking to improve its current RIA Platform, or as an operational solution for a high caliber professional thinking of going independent and seeking a seamless transition. We offer Advisors open architecture, with a full array of wealth management and investment advisory services to move your practice upstream. Axxcess combines true alternatives like private equity, private credit, hedge funds and directed real estate alongside traditional SMA strategies.

Our focus is on 3c(1) and 3c(7) clients and the Advisors that serve them. If you are interested in providing a platform of services designed to move your business upscale, Axxcess is your solution. Contact: 866-217-5607 |https://axxcessplatform.com/

ABOUT HJ SIMS

Founded in 1935 on Wall Street, HJ Sims is a privately held investment bank and wealth management firm. HJ Sims is known as one of the country’s oldest underwriters of tax-exempt and taxable bonds, having raised $28+ billion for projects throughout the US. The firm is headquartered in Fairfield, CT, with nationwide investment banking, private wealth management and trading locations. Visit www.hjsims.com/ourstory. Visit www.hjsims.com/ourstory. Follow HJ Sims on Facebook, LinkedIn, Instagram and Twitter.

Investments involve risk, including the possible fluctuation of principal. Past performance is no guarantee of future results. HJ Sims is not affiliated with Axxcess Wealth Management. Member FINRA, SIPC.

Understanding TPAs-the Transfer of Physical Assets

Originating and underwriting HUD-insured loans for multifamily and healthcare projects is Sims Mortgage Funding’s primary activity, but sometimes our experience and success in that space leads us to other business opportunities. Such was the case earlier this month when Sims Mortgage Funding, Inc. (“SMF”) completed two consulting assignments in connection with the sales by our clients of two nursing homes in New Jersey and a hospital in California.

Both transactions involved the assumption of six existing HUD-insured loans that we originated in 2009, 2011, 2012 and 2017 and are spread across the three properties. Yes, HUD has an acronym to describe that process – TPA, which stands for Transfer of Physical Assets.

Under a TPA, HUD and the lender servicing the loan effectively “underwrite” the purchaser who becomes the new borrower on the assumed debt. Part of that process is to analyze the background, qualifications, and experience of the purchaser; the financial and operational projections of the property after the sale; and, the transfer of assets and discharge of liabilities at closing. SMF provided technical assistance in the development of the TPA applications relating to the new borrowers and helped shepherd the proposals through the HUD approval process and on to closings.

With the TPAs now completed, HUD has two new and accomplished healthcare organizations in their insured loan portfolio, and the borrowers have assumed long-term, fixed rate, non-recourse loans at competitive interest rates.

Subsidiaries of Hackensack-Meridian Health, the largest hospital system in New Jersey, acquired interests in Prospect Heights Care Center, a 196-bed nursing home in Hackensack, New Jersey, and West Caldwell Care Center, a 180-bed nursing home in West Caldwell, New Jersey.

On the west coast, a subsidiary of AHMC Healthcare acquired Parkview Community Hospital Medical Center, a 193-bed acute care facility in Riverside, California. AHMC, a for-profit organization, owns and operates seven “safety net” hospitals in Southern California. The two loans AHMC is assuming on Parkview will be their first HUD-insured loans – we certainly hope that they will not be their last!

Good News from HUD Multifamily and Hospital Programs

HUD mortgage insurance covers a wide variety of real estate, ranging from multifamily housing to nursing homes and assisted living to acute care hospitals. Moreover, the programs cover construction, renovations, expansions, acquisitions, and refinancing. There are three separate mortgage insurance platforms to deliver all of this goodness: Multifamily Accelerated Processing (MAP); LEAN for senior care facilities; and the Office of Hospital Facilities (OHF). Each platform has its own underwriting requirements, eligibility standards and policy directives, so changes in one of the platforms does not necessarily affect the others. SMF is active across all three platforms, so we keep close tabs on new developments that might make the programs more competitive or enhance lending opportunities. We have good news to report!

In the multifamily space, HUD recently took a major step forward to enable grant-funded Section 202 elderly housing, commonly known as Project Rental Assistance Projects, or PRACs to access much-needed capital. There are approximately 2,800 PRACs nationwide that currently have limited, if any, means to finance capital improvements, and with many of the properties over 20 years old, the situation has become critical. HUD has been working on a solution, and recently released for public comment a draft notice that will amend its popular Rental Assistance Demonstration (RAD) program to include PRACs. The comment period ended in March, so we expect the final notice to be issued shortly. A key element to the RAD for PRAC program will be the issuance of long-term Section 8 Housing Assistance Payment (HAP) contracts that should provide a stable source of revenue to support debt incurred for capital repairs and building improvements. Will the Section 8 rents under these new contracts be sufficient for this purpose? As the saying goes, the devil is in the details. We can assist PRAC owners preliminarily estimate borrowing capacity based on the draft notice – contact us for additional information and a preliminary analysis.

The Office of Hospital Facilities (OHF) does not have the level of activity of its MAP and LEAN counterparts, but it provides an alternative source of capital for creditworthy hospitals who otherwise might not be able to access the tax-exempt bond markets or conventional financing with the same ease and cost of capital as their more-stronger competitors. HUD-insured hospital loans have 25-year, fully amortizing maturities, fixed-rates of interest and are assumable and pre-payable under a variety of structures. Moreover, loans can be up to 90% of a project’s replacement cost, and in cases involving rehabilitation or additions, 100% of the project costs can be financed. In an effort to attract more business, OHF recently announced some upcoming changes that will facilitate and expedite their review process, lessen burdensome application requirements for stronger credits and reduce the amount of escrows to be funded from operations post-closing. Hospitals who might be on the fence about considering HUD as a financing option should take note of these changes, as they are likely to enhance the competitiveness of the program. We expect to know more about how these improvements will be implemented when OHF holds its lender training in July.

There have been no new developments in the LEAN program, but as Meatloaf once sang, two out of three ain’t bad. However, next month is the annual meeting of the Healthcare Mortgagee Advisory Council (HMAC), which is LEAN-focused and will be attended by a number of senior HUD program officials, as well as the entire SMF team. Stay tuned in this space for potential updates from LEAN.

HJ Sims Welcomes Tom Bowden as Vice President, Investment Banking, Bolsters Florida Banking Team

CONTACT: Tara Perkins, Assistant Vice President | 203-418-9049 | [email protected]

HJ Sims Welcomes Tom Bowden as Vice President, Investment Banking, Bolsters Florida Banking Team

FAIRFIELD, CT— HJ Sims (Sims), a privately held investment bank and wealth management firm founded in 1935, is pleased to announce that Thomas “Tom” Bowden joins as Vice President, Investment Banking. Located in Richmond, Virginia, Bowden leads business development efforts in Virginia, the Carolinas, and Georgia.

Prior to joining Sims, Bowden spent seven years as Vice President with BB&T Capital Markets, serving senior living clients in the Southeast region of the U.S. Prior to BB&T, he interned in the public finance investment banking group with Davenport & Company, LLC, and served as a Senate Page in the U.S. Congress.

Bowden is focused on raising capital for retirement communities, with a significant emphasis on those organized as non-profits. Well-versed in various aspects of senior living governance and operations, he strives to be a keen advocate for clients, colleagues and collaborators. Bowden is skilled in leading discussions focused on industry and capital markets education, which he views as a fundamental and necessary baseline of understanding for decision making.

Bowden earned a B.S. in accounting and business administration from Washington and Lee University, where he was elected to the Executive Committee of the Student Body, played on the Varsity Golf team, and was a member of the Sigma Chi Fraternity.

“I believe in an educational approach to serving the industry. The goal is to allow clients to make the decision regarding what is best for them, and the path to that goal is achieved through educating management teams and boards. I am excited to continue that work with the outstanding HJ Sims’ team, and am particularly optimistic about bringing the benefit of HJ Sims’ platforms to clients in the Southeast,” said Bowden.

“We are pleased to welcome Tom to our team; he is a highly respected investment banker dedicated to the senior living industry. Tom will lead efforts in Virginia, the Carolinas, and Georgia. Tom brings an established presence in an important region and we are thrilled to have someone of his experience and character joining our team. We are equally happy to announce that Senior Vice President, Kerry Moynihan will co-lead our client relationships and business development efforts in Florida, alongside Senior Vice President, Melissa Messina. Kerry is based in Orlando, FL, and has more than a decade of senior living banking experience. We are elated to have such strong leadership and expertise in the Southeast region,” said Aaron Rulnick, Managing Principal.

ABOUT HJ SIMS: Founded in 1935 on Wall Street, HJ Sims is a privately held investment bank and wealth management firm with $2.2 billion of assets under management. HJ Sims is known as one of the country’s oldest underwriters of tax-exempt and taxable bonds, having raised $25+ billion for projects throughout the US. The firm is headquartered in Fairfield, Connecticut, with nationwide investment banking, private client wealth management and trading locations. Visit www.hjsims.com/ourstory. Investments involve risk, including the possible fluctuation of principal. Past performance is no guarantee of future results. Member FINRA, SIPC. Follow HJ Sims on Facebook, LinkedIn, Instagram and Twitter.

Sims Mortgage Funding Quarter-Year Review

Sims Mortgage Funding (SMF) had a busy first quarter of 2019, as it added a new team member in late January and participated in national and regional lender conferences in February and March.

Meet the New Guy

Jonathan “Johnny” Sears joined SMF in January. He has close to a decade of mortgage banking experience, including seven years working with Government Sponsored Enterprises (GSEs) and HUD multifamily programs. Prior to joining SMF, Johnny assisted in the origination and underwriting of over $150 million in FHA-insured multifamily loans for affordable and Low Income Housing Tax Credit (LIHTC) projects at Bank of America/Merrill Lynch.

Conference Roundup – What Up With HUD?

The Mortgage Bankers Association 2019 Commercial Real Estate Finance (CREF) Conference and Eastern Lenders Association (ELA) Annual Meeting were held in February and March in San Diego and Baltimore respectively. Anthony Luzzi, President of SMF, pulled rank and attended the San Diego conference; the trio of Kerrie Tomasiewicz, Andrew Patykula and Johnny Sears went to Baltimore. Senior HUD Executives presented at both conferences to discuss the state of the multifamily mortgage insurance programs.

Key take-aways:

HUD’s loan volume for new construction and substantial rehabilitation has been consistently growing over the past three years. In 2016, HUD insured about $3.7 billion for these loans; by 2017, volume increased to $5.4 billion in 2017 and last year it increased to $6 billion.
Low Income Housing Tax Credit (LIHTC) transactions have remained consistent over the last three years at about 33% of HUD’s multifamily business. This likely has been the result of HUD’s successful LIHTC pilot program for Section 223(f) insured loans for acquisitions and refinances.
HUD’s overall timeframes have been improving. Yes, we said it! Last year, HUD averaged 77 days for its reviews of Section 223(f) multifamily refinance and acquisition loans and 104 days for its review of Section 221(d)(4) new construction and substantial rehabilitation loans. These timeframes are likely to continue to improve in the future as HUD intends to hire additional staff. Our recent experience with Section 223(f) has been better than the average.
Current multifamily policy initiatives for 2019 include the “Single Underwriter Model” Best Practices; a revised Multifamily Accelerated Processing (MAP) Guide; financing projects in Opportunity Zones; and, improving the Closing Process and Environmental Reviews.

Stay tuned for future updates on these initiatives, as they have the potential to expand HUD’s business and make HUD-insured loans even more competitive in the future.

Steps for Life 5k in South Florida

HJ Sims is proud to have been a sponsor of the annual Gift of Life Marrow Registry Steps for Life 5K of South Florida–another huge success. More than 500 participants attended and nearly $100,000 was raised to offset the lab processing fees for more than 1,600 new donors’ swab kits. The Steps for Life events have collectively added 13,107 donors to the registry. Matches have been found for 226 patients, resulting in an incredible 36 lifesaving transplants being completed. For more information: www.giftoflife.com.

To see more photos from the Steps for Life 5k in South Florida, click here: Steps for Life 5k in South FL

Steps for Life 5k in New York

The HJ Sims team participated in the Gift of Life Marrow Registry’s Steps for Life 5k at Battery Park in Manhattan yesterday morning. The course was beautiful, the event joyful and the cause extremely worthwhile. HJ Sims is proud to partner with Gift of Life as a sponsor of their Steps for Life events in New York, Boca Raton and Boston via our Corporate Social Responsibility program.

[Photo of New York Event]

To see more photos from the Steps for Life 5k in New York, click here: Steps for Life 5k NY, NY

Corporate Challenge, Stamford, CT

HJ Sims was pleased to sponsor and participate in the Stamford Boys & Girls Club Corporate 5K on May 22, in support of the Stamford Boys & Girls Club. The turnout was nearly 2,000 runners with more than 100 corporate teams! The event helped to raise more than $180,000* for the Stamford Boys & Girls Club.

*Gross preliminary revenue total

For more: www.bgcastamford.org

[Photo of Stamford Event]

HJ Sims Welcomes John Koene as Managing Director to Lead Northeast Complex

CONTACT: Tara Perkins, PR & Marketing Specialist | 203-418-9049 | [email protected]

HJ Sims Welcomes John Koene as Managing Director to Lead Northeast Complex

FAIRFIELD, CT—HJ Sims (Sims) is pleased to announce that John Koene joins the firm as Managing Director of the Private Client Group for the firm’s northeast complex, including the Iselin, NJ and Fairfield, CT offices.

“I am thrilled to join a firm with such a rich history an impressive reputation. I look forward to supporting our team and helping to develop the exclusive appeal of our wealth management products,” says Koene.

“We are excited to welcome John to our team. John’s leadership skills and experience are qualities that make him ideal for this role as he supports the firm’s continued business expansion efforts,” said Daniel Mullane, Managing Principal.

John attended University of North Carolina, Greensboro. John holds his Series 7, 24, and 63 licenses. John resides in Brielle, NJ with his wife and three daughters.

John can be reached at 732-590-0533 or [email protected].

ABOUT HJ SIMS: Founded in 1935, HJ Sims is a privately held investment bank and wealth management firm with $2.2 billion of assets under management. Sims is one of the country’s oldest underwriters of tax-exempt and taxable bonds, having raised $22 billion for projects throughout the US. The firm is headquartered in Fairfield, CT, with investment banking, private client wealth management and trading offices nation-wide. Pershing LLC, a subsidiary of The Bank of New York Mellon Corporation, is custodian of all client assets. Please visit: www.hjsims.com/ourstory. Investments involve risk, including the possible fluctuation of principal. Member FINRA, SIPC. Follow us on LinkedIn, Facebook and Twitter.

Virtual Swab 2018

HJ Sims is proud to support Gift of Life Marrow Registry as our partner charity for our Corporate Social Responsibility program. Here are photos from our company-wide event 2018 Virtual Swab.

Read the press release HERE.

To see photos of our Virtual Swab event, please click here: 2018 Virtual Swab

Serving our Communities: Corporate Social Responsibility

Serving Our Communities

HJ Sims is actively supporting our local communities by volunteering with a number of charitable organizations. We place value on helping to make our world a better place. We contribute to our communities via our Corporate Social Responsibility (CSR) program, an initiative that focuses staff volunteer efforts and contributions to non-profit, charitable organizations.

Our Mission

HJ Sims CSR program is designed to provide inspiration to our team, clients and to those we serve. We will affect change and make a difference in our local communities. We will accomplish this by bringing awareness to and increasing support for economic, social and environmental well-being through coordinated corporate and regional efforts, including the donation of funds and/or volunteering staff time. We will engage and inspire our staff by providing access, time and opportunities for giving back in a meaningful way.

Please read our 2018 Annual Report. For inquiries, please contact Tara Perkins at [email protected] or 203-418-9049.

Steps for Life Boca Raton!

Please help us support Gift of Life’s annual Steps for Life 5k run/walk and Superhero Kids race, which will be held at Florida Atlantic University in Boca Raton on Sunday, January 19, 2020. We invite you to join the HJ Sims’ team! Registration is only $30; Register today! If you are unable to join, please consider supporting Gift of Life with a monetary donation; your donation is tax-deductible. We also encourage you to please join the registry to help save a life!

Giving Tuesday 2019

In honor of giving Tuesday, we would like to recognize our employees who give their time to a variety of community non-profit organizations. In addition to our commitment to our Corporate Social Responsibility Program Partner, Gift of Life, our Rockville, MD office just conducted a Pantry Food Drive campaign to support their local community’s Manna Food Center, collecting 120+ pounds of non-perishable items. Our Fairfield, CT team will volunteer for Operation Hope of Fairfield on December 9, for their Fill the Shelves at the Food Pantry initiative, collecting box canned goods to feed 400+ families with wish lists and their Hope for the Holidays event, setting up tables to organize and transport to Santa’s Workshop filled holiday stockings for children.

Gift of Life

We are thrilled to announce that HJ Sims has selected Gift of Life (GOL) as our partner charity for the inaugural year of our Corporate Social Responsibility (CSR) program.

A little about GOL’s mission: GOL believes that every person battling blood cancer deserves a second chance at life—and they are singularly passionate about engaging the public to help get everyone involved in curing blood cancer—whether as a donor, a volunteer or a financial supporter. All it takes is one person to perform a painless, life-saving swab to discover a potential match for someone suffering from blood cancer—and a cure. For more on GOL’s history and mission, please visit: www.giftoflife.org and see the attached fact sheet.

HJ Sims Raises Funds for Hurricane Relief

The HJ Sims team is pleased to have raised approximately $2,500 from an internal fundraiser to help support Team Rubicon’s efforts in the Bahamas in assisting victims of Dorian. Team Rubicon serves communities by mobilizing veterans to continue their service, leveraging their skills and experience to help people prepare, respond, and recover from disasters and humanitarian crises. For more information, please visit: https://teamrubiconusa.org.

The 16th Annual HJ Sims Late Winter Conference

Gift of Life staff attended this years’ sixteenth Annual HJ Sims Late Winter Conference in Clearwater Beach at the Sheraton Sand Key Resort. GOL was part of a special presentation at opening session which included an introduction to HJ Sims’ CSR program by Tara Perkins, AVP Marketing Communications, HJ Sims, and a screening of the Gift of Life/HJ Sims partnership video. Sharon Kitroser, Corporate and Community Relations Officer, GOL, delivered a short history of GOL and introduced a video of Ryan Corning (donor) from News Now. Ryan Corning then took the stage to discuss his heartwarming experience–there was not a dry eye in the house! GOL staff Marc Silver and Sharon Kitroser, along with Ryan Corning, were on-hand throughout the event at the GOL Booth in the lobby—swabbing, distributing information and answering questions. It was a wonderful experience to share GOL in this way with this year’s Conference attendees.

Kitroser says, “It was truly an honor to join HJ Sims at their late Winter Conference. Gift of Life Marrow Registry presented our mission to save lives through marrow and stem cell donation, and shared how our partnership has come to life in the past 10 months. We introduced one of our heroic donors. Ryan Corning of Land O’Lakes Florida saved 47 year old New Yorker Julio Rivera, who has survived leukemia thanks to his transplant. Attendees were excited to hear more about how their teams can swab their cheeks to save a life. Plus, more than 30 individuals joined the registry right there at the conference!”

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