HJ Sims successfully structured and
executed a $35M financing for a new
middle-market development project
$35,000,000 | Batavia, OH | September 2025
“We are excited to bring our new ERS Enriched Living middle market community to reality through
this financing, and we greatly appreciate the expertise and partnership of the HJ Sims team in
helping us make it possible. – Dan Steward, CFO
Partnered Right®
Episcopal Retirement Services (“ERS”), a nonprofit organization headquartered in Cincinnati, Ohio, has been serving older adults since 1951 through a wide range of senior living and affordable housing communities. With a mission rooted in person-centered care and spiritual values, ERS operates three premier retirement communities and over thirty affordable housing properties across Ohio, Kentucky, and Indiana.
As a part of ERS’s 2030 strategic vision, Enriched Living Batavia, LLC was formed to develop “The Preserve at Olive Branch”, a new middle-market senior living community composed of 147 villa-style Independent Living units and located in Batavia, Ohio. This initiative addresses a critical gap in ERS’s service continuum by offering high-quality, age-restricted rental housing for middle-income seniors—an underserved and rapidly growing demographic. The community is designed to operate with a concierge model to support aging in place and provide access to ERS’s existing “Enriched Living” services.
HJ Sims was engaged to secure tax-exempt financing for the project, marking the first partnership between ERS and Sims.
Structured Right®
The original Plan of Finance structure was as a stand-alone for-profit joint venture; however, traditional bank construction to perm and HUD financing options were unable to meet ERS’s strategic and operational objectives. With the strengthening of ERS’s balance sheet and financial performance, the project was restructured into a nonprofit campus financed through the ERS obligated group.
HJ Sims structured a tax-exempt construction-to-permanent debt facility tailored to meet the unique needs of the project. The $35 million facility was arranged as a drawdown loan with a 32-month interest-only period during construction, minimizing borrowing costs and reducing the debt service burden on the project.
Executed Right®
With the investor selected, HJ Sims conducted a broad bank solicitation in May of 2025. The solicitation generated strong interest, resulting in the receipt of three competitive financing proposals. Sims organized the review of proposals and negotiations with interested parties, which culminated in the ERS’s selection of WesBanco to be their banking partner.
The selected structure included a flexible drawdown schedule to reduce capitalized interest and borrowing costs, and a forward-starting swap to hedge against future interest rate volatility. Sims provided end-to-end support throughout the process, from coordinating lender communications to guiding ERS through internal approvals and closing logistics.
Financed Right®
The financing for The Preserve at Olive Branch closed in September 2025, marking a successful launch of ERS’s flagship middle-market senior living campus. This transaction provides long-term stability and operational flexibility for Episcopal Retirement Services, aligning with its mission to serve seniors across the economic spectrum.
Lynn Daly
312.748.1387
Sean Golden
214.252.8231
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