HJ Sims had a busy 3Q with financings totaling $354.7 million. Check out the highlights and our financings for clients from the quarter.Continue reading
Forty-year high inflation rates have impacted every aspect of communities offering independent living, assisted living, memory care, and/or skilled nursing on both the non-profit and for-profit sides.Continue reading
HJ Sims had a busy Q2 with financings totaling $456.6 million. Check out the highlights, our financings for clients and noteworthy milestones from the quarter.Continue reading
HJ Sims had strong start to 2022 with financings totaling $250.7 million. Check out the highlights, financings and noteworthy milestones from Q1.Continue reading
LIBOR, which has been the primary index upon which Senior Living Bank Loans and Swaps have been denominated in new and existing financings, is to be discontinued and as such a replacement index is needed. Borrowers should consider the use of an alternate index, and this piece provides expertise on the pending LIBOR replacement as a consideration for senior living organizations.Continue reading
Middle Market Success Stories
Learn from the Leaders
Session Date & Time: Tuesday, June 29, 2021 from 1:00pm-2:00pm ET
Thought Leadership and Webinar Description:
We took a critical look at the increasing pressure on senior living providers to meet the demands of the emerging middle market. Learn what the Baby Boomer generation and their families are looking for when exploring their options in the middle market housing and services. During this discussion, we reviewed the strategic significance of extending housing offerings to the middle market. While many providers are considering entering in the middle market arena, few have taken the leap due to their inability to find an operating and financial model that ‘works’ with the lower monthly rental rates. Featured speakers shared case studies of their own middle market senior housing models identifying key success factors for development, pricing and operating models.
- Identify the viability of middle market products in your region.
- Embrace the different operating mentality needed to successfully launch and operate a moderate-priced housing product.
- Absorb tangible suggestions from operators who have experience profitably operating middle market products.
Additional Q&A from our Presenters
President, Merrill Gardens
William “Bill” Pettit is the president of the R. D. Merrill Company with responsibility for Merrill Gardens and sister company Pillar Properties. Merrill Gardens is one of the most respected assisted living operators in the country with 70 communities in 20 states. Pillar Properties is an award-winning owner and operator of multi-family housing with 1,700 units in operation and the developer for Merrill Gardens new communities.
Bill joined the R. D. Merrill Company in 1992 after 18 years in the banking industry. He was instrumental in the formation of the company, starting with one community in 1993. He directed the rapid growth and timely execution of acquisitions and developed the policies that speak to the Merrill Gardens and Pillar Properties commitment to quality.
Bill was a 2018 Seattle Business Magazine Executive Excellence Award winner and under his leadership the R. D. Merrill Company was named the Family Business of the Year for its commitment to residents, team members and community service.
Bill received a bachelor’s degree from Princeton in 1971 and a MBA from the University of Oregon in 1973. He was the first senior living executive in residence for Washington State University. He serves on the Argentum Board of Directors and he is the past Chairman of the Executive Board of the American Seniors Housing Association (ASHA).
Matthew D. Rule, Esq.
Senior Vice President of Housing Development, National Church Residences Investment Corp.
Matt Rule is Senior Vice President of Housing Development at National Church Residences. Matt leads NCR’s acquisitions, development finance, originations, and construction teams. In the past five years his team closed over 30 LIHTC transactions, purchased over 3,000 affordable senior units and closed over $100,000,000 of new market rate senior housing production. In 2015, Affordable Housing Finance (AHF) named Matt as one of six Affordable Housing Young Leaders. Prior to joining NCR, Matt was a transactional attorney at Squire Sanders, LLP (currently known as Squire Patton Boggs) where he served as legal counsel for a variety of low income housing tax credit developers, syndicators, direct investors and lenders. Matt is a graduate from The Ohio State University Michael E Moritz College of Law where he graduated with distinction as Summa Cum Laude, Order of the Coif. Matt is active at Vineyard Church in Columbus, Ohio and currently serves as the Vice President of the Ohio Housing Council and as a Board Member of the Central Ohio chapter of the Juvenile Diabetes Research Foundation. In the past he has served as a Board Member the National Affordable Housing Trust (2018-2020), a Board Member of the Upper Arlington Rotary Club (2018-2020), a member of the Upper Arlington Citizen Financial Review Task Force (2019) and as the Chair of the Finance Subcommittee of the Upper Arlington Community Center Feasibility Task Force (2020). Matt is married and has four very energetic children.
Older senior housing communities, in particular skilled nursing facilities, face numerous financial and operational challenges.Continue reading
Are you an owner/operator of an affordable senior housing community? One who is seeking a financing solution for an acquisition or recapitalization? If so, HJ Sims can help your community weigh the benefits of the Standard & Poor’s (S&P) Affordable Multifamily Housing program.Continue reading
To grow or not to grow is a familiar topic of conversation heard around boardroom tables, at conference sessions, and from business pundits. HJ Sims recently surveyed LeadingAge LifePlan Community (LPC) members to uncover the motivation behind member organizations’ own growth initiatives and reveal the potential barriers impeding growth.Continue reading
Senior housing is no longer an under-the-radar investment opportunity. It is now considered an institutional-grade asset class for real estate investors, and demand is growing with no signs of waning.Continue reading
Knowing what we know now after 10 months of living with the pandemic, if we now could magically blink our way back to February, what would we have changed about where we live and work? Who would we want to have closest to us for peace of mind and for help when needed? What items would we have procured ahead of time to make our homes more comfortable and secure? How differently would we have structured our days and finances to better cope with the long, uncertain period ahead?Continue reading
In the summer of 2020, HJ Sims participated in the Senior Living COVID-19 Sentiment Report, which surveyed over 4,000 current and prospective senior living community residents to assess their thoughts and feelings at the beginning of and during the COVID-19 pandemic. The old saying of “You don’t know what you’re missing until you try it” is something that rang true in the results.Continue reading
In early 2018, we issued an HJ Sims thought leadership piece discussing the changes to the tax code enacted as part of the Tax Cuts and Jobs Act. It provided guidance on how the Act would impact financings in the foreseeable future.Continue reading