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

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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.

Peconic Landing

Peconic Landing at Southold is a life plan community located in Greenport, New York on Long Island’s North Fork where residents can enjoy 145 acres with 2,700 feet of private beach on Long Island Sound.

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Giving Tuesday

Join the Movement– It’s GivingTuesday, the global day of giving. Please consider contributing to HJ Sims’ Corporate Social Responsibility partner, Gift of Life, to help find stem cell donors like Sterling who flew 5,000 miles mid-pandemic to save the life of someone she never met! Help Gift of Life reach their goal. Thank you.

Some Changes Made for COVID Will Stick Around, Say Seniors Housing Executives

There are two vaccines for COVID-19 awaiting approval by the U.S. Food and Drug Administration, signaling that there is an end to the pandemic on the distant horizon. However, the impact of the outbreak on the seniors housing industry may be long-lasting.

A group of the industry’s top brass recently suggested that many of the changes made to adapt to the virus may in fact be permanent, and operators should prepare for this.

Read more in Seniors Housing Business.

HJ Sims Successfully Underwrites Pavilion Project and Refinancing for John Knox Village in Pompano Beach

FOR IMMEDIATE RELEASE             

November 23, 2020

CONTACT: Tara Perkins, AVP | 203-418-9049 | [email protected]

HJ Sims Successfully Underwrites Pavilion Project and Refinancing for John Knox Village in Pompano Beach

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 October 2020 refinancing and capital projects financing in the amount of $77,605,000 for John Knox Village (JKV), a life plan community for age- and income-qualified residents in Pompano Beach, FL.

JKV sought assistance in restructuring its capital stack while issuing additional debt to develop amenity spaces to serve existing and attract new residents to the potential Westlake Tower expansion. JKV was seeking financing options for a new community pavilion, including dining facilities and related amenities, a new lake, various parking spaces and a new central energy plant (Pavilion Project). Sims was ultimately engaged by JKV as the COVID-19 pandemic was declared.

Sims provided multiple financing scenarios to analyze considering the volatility of the bond market and bank lending environment, which ultimately led to the selection of long-term fixed rate bonds for the 2020 financing. Working alongside JKV’s board, management and financial advisor, Sims prepared JKV for the Fitch-review process as they sought a material increase in their debt, ultimately retaining their Fitch A- credit rating with a negative outlook.

Sims priced the JKV Series 2020 Bonds during a week of near record volume, surpassing expectations and executing on a majority 4.000% or lower coupon structure to minimize the debt service burden. Sims also worked alongside JKV and its legal counsel to modernize certain aspects of JKV’s existing master trust indenture, providing additional flexibility for JKV in anticipation of the potential Westlake Tower expansion. The final pricing increased maximum annual debt service by just over $2.5 million for over $58 million in new long-term debt. The Series 2020 Bond issuance, as underwritten by Sims, is expected to provide a stable platform upon which JKV may continue to grow as it nears its fifth decade of service.

“Modernizing a Life Plan Community is a stressful endeavor on its own. Adding the stress of financial markets, budgets, forecasting and legal documents can be overwhelming for governance, management and residents. A good financing team is the key to wading through these waters. HJ Sims built a strong financing team, and broke down a complicated process into easily understood digestible parts. The results left this Community the ability to afford the facility, which will position John Knox Village as continued market leaders of senior lifestyle for generations. Working with Aaron and Melissa has been a pleasure; they are part of my team and I expect to continue to use their counsel in the future. I would recommend this firm highly,” said Bruce Chittenden, CFO, JKV.

Financed Right® Solutions—Aaron Rulnick: 301-424-9135, [email protected] |

Melissa Messina: 203.418.9014, [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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HJ Sims Completes Third Financing for Client, Refinances Outstanding Debt, Generates Significant Interest Rate Savings

FOR IMMEDIATE RELEASE             

October 29, 2020

CONTACT: Tara Perkins, AVP | 203-418-9049 | [email protected]

HJ Sims Completes Third Financing for Client, Refinances Outstanding Debt, Generates Significant Interest Rate Savings

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 a September 2020 financing in the amount of $77,000,000 for Casa de las Campanas (Casa), a Life Plan Community in San Diego, CA. Casa is managed by Life Care Services, and LCS Development serves as the developer.

Casa has worked with Sims to secure financing for its multi-phased Master Plan, which included renovation and expansion of its facilities, including new skilled nursing facilities, independent living apartments and memory care beds.

In 2014, Sims secured bank financing through City National Bank (CNB) for Casa’s Phase I. Sims negotiated the Phase II financing terms with CNB in 2017. Structuring the financing with CNB and Cal Mortgage, Sims worked to secure $39 million in direct bank placement bonds from CNB for Casa’s Phase II expansion. Casa applied $7.1 million of equity and transferred $5.5 million of unused Phase I proceeds towards Phase II. Sims and Casa then explored refinancing options for the outstanding Series 2010 bonds and its outstanding bank debt to reduce Casa’s overall cost of capital. 

In 2017, the passage of the Tax Cuts and Jobs Act eliminated the ability for Casa to advance refund its outstanding Series 2010 bonds. Sims and CNB considered pricing a forward starting tax-exempt refinancing, helping Casa to lock in an interest rate to refinance its outstanding Series 2010 bonds, 2014 Bank Debt, the outstanding portion of the 2017 bonds and fund the remaining undrawn portion of the 2017 bonds. COVID-19 roiled markets and bank financing, therefore the financing plan evolved from a forward refunding to a current refunding, which was optimized at a $77 million credit commitment offered by CNB, realizing significant cash flow savings.

With the closing of the refinancing, Casa refinanced outstanding legacy debt, as well as debt related to their phased expansion. Casa anticipates annual cash flow savings on existing debt of $2.45 million through 2035, with net present value savings of $12 million and 18.3% of refunded debt over the 30-year amortization.

“Once again, working with the Sims’ team provided the best solution to meet our refinancing objectives. Sims continues to be our trusted financial advisor, helping us evaluate opportunities to improve upon our current debt structure while ensuring Casa is well-positioned to access future financings related to our Master Plan. Sims provided valuable insight and guidance on the refinancing scenarios to our Management Team and Board. The refinancing was successfully structured to eliminate the previously required Cal Mortgage insurance and related debt service reserve fund. With the new low interest rate, Casa is able to save millions and drastically improve our cash flow and future debt capacity. Sims went beyond the call of duty, and presented industry guidelines and insights at our Board Retreats to ensure we accomplish our goals and maintain our mission,” said Dave Johnson, CFO, Casa de las Campanas.

Financed Right® Solutions—Aaron Rulnick: 301-424-9135, [email protected] |

Brady Johnson: 949-558-8297, [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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