Market Commentary: All That Glitters is Not Gold

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On Capitol Hill, yeoman’s work is needed to achieve consensus on the thorniest of issues, the legislative product of the most contentious of negotiations. This week, the whips on both sides of the aisle and in both chambers of Congress are hard at work trying to rapidly round up votes for a bill that will suspend the debt limit, set some new federal spending guidelines, and address other issues that have, for various reasons, suddenly fallen under the umbrella of extreme urgency. It is not unlike the annual effort to enact a budget framework and then an omnibus spending bill. The whole process is described as being like trying to put socks on an octopus.

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Broadview at Purchase College Celebrates Grand Opening

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On May 2, 2024, Broadview at Purchase College celebrated its grand opening with hundreds in attendance. Constructed on leased land on the campus of the State University of New York – Purchase College, Broadview has 222 independent living apartments and villas, 68 assisted living and memory care suites along with a variety of amenity and social areas. A key attribute of the community is its close proximity to the center of the campus and strong emphasis on multi-generational learning.

The community was financed with approximately $398 million in tax-exempt bonds issued through the Westchester County Local Development Corporation with HJ Sims as sole underwriter.

Broadview welcomed its first residents in mid-December 2023 with new residents moving in at a very rapid pace. As of the grand opening, over 80% of the independent living units were occupied with the more scheduled for the coming months. To date just over $100 million in short-term bonds have been redeemed with entrance fees paid by residents. Based on scheduled move-ins, it is anticipated that the remaining $78 million in short-term bonds will be repaid on July 1, 2024, as occupancy reaches 85%.

Market Commentary: Moral Compass

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On Capitol Hill, yeoman’s work is needed to achieve consensus on the thorniest of issues, the legislative product of the most contentious of negotiations. This week, the whips on both sides of the aisle and in both chambers of Congress are hard at work trying to rapidly round up votes for a bill that will suspend the debt limit, set some new federal spending guidelines, and address other issues that have, for various reasons, suddenly fallen under the umbrella of extreme urgency. It is not unlike the annual effort to enact a budget framework and then an omnibus spending bill. The whole process is described as being like trying to put socks on an octopus.

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