FOR IMMEDIATE RELEASE
November 4, 2021
CONTACT: Shauna Reilly, CMO | 203-418-9043 | [email protected]
HJ Sims Partners with Clark Lindsey Village as the First Phase of a Repositioning Vision Becomes Reality
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 2021, $8.781 million taxable note on behalf of Clark Lindsey Village. Established in 1978, Clark Lindsey Village is a not-for-profit Life Plan Community located in Urbana, Illinois. Today, the campus encompasses all levels of care with 147 units of Independent Living; 12 units of Memory Care and Assisted Living; as well as 105 beds dedicated to Skilled Nursing. It is one of eight communities in the nation to have earned the designation as a “Center for Successful Aging.”
Throughout its history, Clark Lindsey Village has fostered progressive solutions for its community and residents, including the implementation of medical technology, innovative staffing roles, the use of Green House homes, among other initiatives. Seeking to push the bounds of creativity and pursue the vision of a campus repositioning, Clark Lindsey Village selected Sims via a competitive process to serve as the organization’s investment bank. With several financings planned, Sims crafted creative solutions for each phase of the repositioning to result in low cost of capital while delivering the full vision of the master plan.
Clark Lindsey Village’s repositioning includes several phases to be completed over a five-year period. Phase I includes the construction of eight independent living villas; in addition to site work dedicated to the next planned phase. On September 9, 2021, Sims closed the $8.781 million taxable note with Clark Lindsey Village’s incumbent bank. Sims acted as the Structuring Agent for a taxable bridge financing via a draw-down bank note, capturing a taxable interest rate of 2.15% for a term of 24-months. The note is cash-secured via a pledge agreement to ensure the lowest cost of capital. This solution permitted a fast closing, a low cost of capital, and can be refinanced at a later phase using tax-exempt debt. The draw-down feature allows Clark Lindsey Village to materialize interest savings during construction. Additionally, the extended term will provide Clark Lindsey Village with the flexibility to refinance the note using several contemplated financings for subsequent phases.
“Sims is pleased to partner with such a forward-looking organization committed to delivering the highest level of care for its community and residents,” said Lynn Daly, Executive Vice President of Sims. “We are proud to deliver the first phase of finance for Clark Lindsey Village, and we look forward to assisting the organization with future phases of the repositioning as the vision of the campus becomes a reality.”
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, TwitterInstagram