Founded in Upper Sandusky, Ohio in 1916, United Church Homes owns and manages more than 70 Life Plan, healthcare and affordable housing communities in 14 states and two Native American nations. UCH provides affordable housing, independent living, assisted living, long-term care, rehabilitative care and memory care to thousands of older adults.
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November is Long Term Care Awareness Month, and this year marks the 20th anniversary of the annual designation. As one of the top capital funding sources for continuing care retirement communities and other senior living facilities, HJ Sims understands that 70% of men and women over the age of 65 will have need for some type of long-term care in the coming years.
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We were thrilled to see you all in Atlanta this past week, and happy to be in-person once again. We were happy to see old friends and meet new faces at our booth. We kicked off our time at the LeadingAge Annual Meeting with a Women’s Brunch at Ventanas where 50 strong women leaders gathered together to swap stories and socialize. We were honored to have Kim Hoppe, CFO of UMRC and Porter Hills, as this year’s keynote speaker. Kim enlightened us with her yogi ways and inspired us to trust our intuition, build great teams and be the excellent leaders we can be.
HJ Sims team members spoke on two panels during this year’s education sessions. Jim Bodine, Executive Vice President, shared his expertise on Cultivating Board Innovation and Strategic Thinking with fellow panel members Jennifer Schwalm, Partner, Baker Tilly; Len Weiser, President/CEO, White Horse Village and Shirley Weaver, Board Director, White Horse Village. Each contributor discussed the strength of thought leadership, and tools that boards can use to remain focused on their organization’s mission, respond to unexpected changes and carry out strategic planning.
Aaron Rulnick, Managing Principal, and Nick Roberts, Vice President, shared their insight with a standing room only crowd discussing Why Single-Site Life Plan Communities Continue to Thrive with fellow panelists Christopher Keysor, CEO, Lenbrook Atlanta and Felecia Sveda, Vice President of Hospitality Services, Lenbrook Atlanta. They each shared success factors and commonalities that high-performing single-site LPCs have in common.
Employees and colleagues alike at HJ Sims were proud to see managing principal, Bill Sims, inducted into the Continuing Care Hall of Fame. Bill was one of four honorees of the night inducted into the 2021 Continuing Care Hall of Fame (“CCHoF”) that took place in a ceremony at the Georgia Aquarium. Originally conceived in 2015, the CCHoF inducts new members biannually who exemplify leadership and make extraordinary contributions in the aging services industry. Honorees were recognized and selected by a 75-person advisory committee. This year’s inductees included our own Bill Sims, John Diffey, President & CEO of The Kendal Corporation, Larry Minnix, President & CEO of LeadingAge, and Mary Alice Ryan, President & CEO of St. Andrew’s Resources for Seniors System.
Johann Sebastian Bach’s Toccata and Fugue in D minor is one of the most famous pieces of Baroque organ music ever written and its opening notes still send chills up the spines of Halloween party-goers. At this writing, however, no traders are humming these unforgettably eerie notes as we head into month-end and All Hallows’ Eve.
Continue readingHJ Sims is pleased to announce the successful closing of a July 2021 financing in the amount of $26.3 million for United Church Homes (UCH). Sims was hired to assist UCH in connection with securing financing to acquire the Polaris Retirement Community from Polaris Retirement Living Properties, LP. A newly built independent senior living community for those 55 and older having 136 one- and two-bedroom apartments located north of Columbus, OH.
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Founded in Upper Sandusky, Ohio in 1916, United Church Homes owns and manages more than 70 Life Plan, healthcare and affordable housing communities in 14 states and two Native American nations. UCH provides affordable housing, independent living, assisted living, long-term care, rehabilitative care and memory care to thousands of older adults.
Continue readingThird quarter corporate earnings reporting season began in earnest last week and stock prices rose as investor alarm over rising inflation, supply disruptions, and waning consumer sentiment notched down a bit with strong bottom line results and positive forward guidance.
Continue readingIn the animal kingdom, owls have the highest degree of head rotation. We humans cannot attempt such flexible maneuvers, but as investors, as advisors, as managers, as parents and caregivers, we would sure love to have a 360-degree view of the world at all times, to be able to see whatever is coming from any direction so as to avoid trouble as well as pounce on opportunity.
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$263,630,000*
PUBLIC FINANCE AUTHORITY
Revenue and Refunding Bonds
Searstone CCRC Project
Series 2021A Revenue Bonds $104,850,000*
Series 2021B-1 Entrance Fee Principal Redemption Bonds $36,310,000*
Series 2021B-2 Entrance Fee Principal Redemption Bonds $32,240,000*
Series 2021C Taxable Entrance Fee Principal Redemption Bonds $5,315,000*
Series 2022A Forward Delivery Revenue Bonds $8,920,000*
Series 2023A Forward Delivery Revenue Bonds $75,995,000*
HJ Sims is pleased to serve as sole underwriter for Samaritan Housing Foundation, Inc., d/b/a Searstone Retirement Community, a life plan community located in Cary, North Carolina. The Community presently consists of 169 one- and two-bedroom independent living units, including 131 apartment-style, and 38 homes. Amenities are centralized in their “Clubhouse”, and include dining venues, indoor swimming pool, fitness and exercise area, spa/salon, game room, multi-purpose ballroom, and an art studio. Searstone also has gardens, walking trails and an approximately 16-acre lake.
Searstone’s healthcare services are delivered in Brittany Place, a standalone building on campus. Following a recent expansion financing completed in 2018 by HJ Sims, there are 14 assisted living units and 25 skilled nursing units. Pursuant to North Carolina Certificate of Need regulations, only residents from independent living may transfer to these areas, no direct admissions to healthcare are allowed.
The Highview at Searstone project will include 152 one- and two-bedroom independent living units, all under one roof. A new core of common amenities will be included in this building, which includes multiple dining venues, a large multipurpose room, and various gathering spaces for residents. In addition, the project includes substantial update to outdoor spaces throughout the community. To accommodate the significant increase in residents, Brittany Place is also being expanded as part of the project. In total, 53 new healthcare units are being constructed, including 14 specialized memory care units, a service line that Searstone does not currently offer. In addition to the memory care, the scope includes 15 assisted living and 24 skilled nursing units.
HJ Sims has been working with Searstone since 2012, before they opened in late 2013 financing the start-up. Now, Searstone is ready to start their important expansion project called “The Highview at Searstone” to accommodate growing market demand in the community. To learn more about the history of the Searstone financings with HJ Sims, please read about the previous case studies in their entirety:
About the Bonds
Use of Bond Proceeds
Project
Security
Key Financial Covenants
We are currently accepting indications of interest for these tax-exempt bonds with an expected pricing the week of October 18, 2021, and anticipated settlement during the week of November 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.
*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 Searstone Retirement Community.
FOR IMMEDIATE RELEASE
CONTACT: Shauna Reilly, CMO | 203-418-9043 | [email protected]
HJ Sims Assists Landis Homes in Securing Bank Financing for a New Independent Living Campus in Downtown Lancaster and Refinancing of Variable Rate Bank Debt with Fixed-Rate Bond Debt
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 August/September 2021 financing in the amount of $25 million for Landis Place on King (LPK) and $53 million for Landis Homes Retirement Community (LHRC), which operates a Continuing Care Retirement Community in Lititz, PA. Landis is a wholly-owned subsidiary of Landis Communities (Landis) that operates a home and community services subsidiary, Landis HCBS, and a middle-market housing subsidiary, Landis Quality Living. As of 2021, LHRC serves 850 residents on its campus with residential living (cottages, apartments, hybrid homes, and suites), personal care, skilled nursing, and memory support services.
Landis approached Sims in the spring of 2021 for help with securing financing for two separate transactions. The first was to build LPK, a mixed-use development, which will bring 79 middle- and low-income senior housing units to downtown Lancaster, PA. The second was the permanent refinancing of three outstanding variable rate bank loans that provided capital for renovations.
Sims evaluated financing alternatives for LPK, determining that the lower costs associated with bank financing were the most attractive. Sims coordinated a robust bank solicitation process, selecting Orrstown Bank, which provided $25 million in draw-down capital financing, along with an attractive fixed rate for the first 10 years of their 15-year commitment.
Sims provided bond underwriting in connection with the refinancing of $48 million of LHRC’s Series 2015B, 2015C and 2017A bank loans, and provided $5 million in capital for campus renovations. The Series 2021 Bonds were structured as parity obligations with LHRC’s existing Series 2015A Bonds and the LPK bank debt provided by Orrstown Bank
Both financings are secured by a Pledge of Gross Revenues, First Mortgage positions on LHRC and LPK, and the Series 2021 Bonds are secured by a Debt Service Reserve Fund. The LPK Bank Financing provides 15-years of funding, with an underlying 30-year amortization and a fixed-rate of 2.35% for 10 years. The Series 2021 Bonds were structured as 35-year bonds, bearing a 5-year premium redemption option and amortized to wrap around LHRC’s existing Series 2015A bonds, providing level debt service.
The financing team closed the LPK bank financing prior to the expiration of the Bank’s natural fixed-rate commitment, followed by the closing of the $53,385,000 Series 2021 Bonds. The bonds oversubscribed, allowing for lower interest rates to LHRC’s benefit.
Closing on August 18 and September 29, 2021, the $25 million LPK and the $53 million LHRC financings provide Landis with competitive cost of financing and support for future growth.
“Sims was an excellent partner for Landis during our recent financing transactions. Having one financing transaction moving forward at a time is difficult enough; we had two separate financings moving on parallel tracks. The Sims team was prepared, organized, and gave what was needed for success. They negotiated hard, executed due diligence, and structured the financings to meet our individualized needs. We’re grateful to have Sims as our partner,” Corey Hamilton, CFO, Landis.
Financed Right®: Lynn Daly: 312.505.5688 | [email protected] , Jim Bodine: 267.360.6245 | [email protected], Siamac Afshar: 267.360.6250 | [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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Here we are in the final quarter of the year trying to figure out what we may need to do to help and protect our portfolios, investment goals, families and businesses, between now and year-end. There is a big “Wall of Worry” and less than 60 trading days left, some of which could be very volatile.
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Founded in 1964, Landis Homes, also known as Landis Homes Retirement Community, operates a Continuing Care Retirement Community in Lititz, Pennsylvania on a 114-acre campus surrounded by Lancaster County farmland. As of 2021, LHRC serves approximately 850 residents and nearly 50 adult day service clients.
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$392,245,000*
WESTCHESTER COUNTY LOCAL DEVELOPMENT CORPORATION
Revenue Bonds
Purchase Senior Learning Community, Inc. Project
Series 2021
Series 2021A Bonds $213,805,000*
Series 2021B Entrance Fee Principal Redemption Bonds $23,520,000*
Series 2021C Entrance Fee Principal Redemption Bonds $58,730,000*
Series 2021D Entrance Fee Principal Redemption Bonds $89,525,000*
Series 2021E Taxable Entrance Fee Principal Redemption Bonds $6,665,000*
HJ Sims is pleased to serve as sole underwriter for Broadview at Purchase College, a planned senior living community consisting of 174 independent living apartments and 46 villas, 36 assisted living beds and 32 memory care beds on the campus of Purchase College in Purchase, Westchester County, New York.
Purchase College is approximately five miles from White Plains, NY and 25 miles from midtown Manhattan. It was founded in 1967 and one of the 13 comprehensive colleges of the State of New York (SUNY) system.
In 2011 legislation was passed in New York to permit SUNY to enter into a 75-year ground lease for development of Broadview, finding “provision of a senior learning community upon the grounds…is appropriate to further the objectives and purposes of [SUNY].” The legislation mandates that 100% of any rent Purchase College receives from the lease shall be used by the college for student financial aid and full-time teaching positions.
In addition to a wide variety of amenities and commons spaces, the community will include a Learning Commons consisting of classrooms, studios, a dining venue, gathering spaces, and performance spaces for use by Broadview residents and the College community and will be a place where residents, students and faculty can come together for lectures, seminars, performances, mentoring, tutoring and other educational purposes. Arts and cultural opportunities on the Purchase College campus also include the Neuberger Museum of Art, the Richard and Dolly Maass Gallery, and the Performing Arts Center, all a short walk from the Community.
Reach out and connect with Broadview.
This stunning new community will mix a vibrant college environment with senior living premium services and amenities. There will be unique opportunities for intergenerational learning & mentoring.
Broadview residents will become part of a senior living community embedded on the Purchase College campus. The Purchase College tagline ‘Think Wide Open’ will be the guiding principle for Broadview, offering opportunities to cross borders between generations, break down stereotypes and form mutually beneficial and lasting friendships.
Broadview will feature the Learning Commons (pictured above) which will be the fulcrum where students of all ages converge. Classrooms, galleries, studios, a coffeehouse and more will be housed within its expansive premises as Broadview’s hub. Meet, dine, take courses and attend lectures — each day here will present an open invitation to mingle with other residents, students and faculty in life-expanding relationships.
Market response to the new community has been strong with 83% of the independent living units reserved as of September 30, 2021.
In 2014 HJ Sims was selected as investment banker and has been actively involved in the development of the community and structuring this financing throughout the past seven years. In 2018 we raised $15 million in Bond Anticipation Notes for the initial development costs which supplemented a $5 million grant received by the Purchase College Foundation Housing Corporation. For more information about the 2018 financing, please read the full case study.
About the Bonds
Use of Bond Proceeds
Project
Security
Key Financial Covenants
We are currently accepting indications of interest for these tax-exempt bonds with an expected pricing the week of October 25, 2021, and anticipated settlement during early November. 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.
*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 Purchase Senior Learning Community, Inc.
LifeSpire of Virginia consists of four owned and operated life plan communities across the Commonwealth of Virginia, as well as the Virginia Baptist Homes Foundation. Shortly following the Series 2021 financing, LifeSpire will acquire the independent living, assisted living, and surrounding land of The Summit, located in Lynchburg, Virginia.
Continue readingOver the past 18 months, we have all refashioned our lives, some several times, by choice or circumstances related to health or work or family. We created safe cocoons and, as a result of vaccines and COVID fatigue, burst out of them.
Continue readingThe House Ways and Means Committee introduced the tax proposal connected with the $3.5 trillion budget reconciliation bill, the Build Back Better Act. The tax proposals included therein would restore tax-exempt advance refundings, which have been unavailable to governmental and 501(c)(3) as a means of reducing the cost of capital since the passage of the Tax Cuts and Jobs Act of 2017.
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HJ Sims successfully positions Pennsylvania not-for-profit corporation, Presbyterian Senior Living for future projects with an efficient fixed-rate refinancing. Presbyterian Homes Inc. (d.b.a. Presbyterian Senior Living) is a member of the Obligated Group along with of the following entities: Presbyterian Homes in the Presbytery of Huntingdon, Quincy Retirement Community, The Long Community, Inc., PHI Investment Management Services, Inc., Cathedral Village, and The Long Home testamentary charitable trust.
Continue readingWith her appointment, Colón becomes the first woman to manage a branch for the investment firm on the island.
Read more El Neuvo Dia.
HJ Sims Executes Complex $132.4 Million Obligated Group Financing for Benedictine.
Read more in McKnight’s Senior Living.
HJ Sims completed a $132.4 million refinancing package on behalf of Benedictine Health System in Cambridge, Minnesota.
Read more in Senior Housing News.
