HJ Sims Partners with Duncan-Williams to Finance Start-up Construction of The Farms at Bailey Station, an RCA Community

CONTACT: Tara Perkins, Assistant Vice President, Marketing Communications, HJ Sims | 203-418-9049 | [email protected]

Michelle Vincent, Retirement Companies of America | 901-794-2598 | [email protected]

Gary Lendermon, Duncan-Williams, Inc. | 901-260-6847 | [email protected]

 HJ Sims Partners with Duncan-Williams to Finance Start-up Construction of The Farms at Bailey Station, an RCA Community

FAIRFIELD, CT—HJ Sims (Sims) is pleased to announce the completion of a $219,250,000 financing for the new construction of The Farms at Bailey Station (The Farms), a Life Plan Community (LPC), located in Collierville, TN. The Farms is a sister community of Kirby Pines Estates (Kirby), located in Memphis, TN, which was voted Best Retirement Community in Memphis and the Mid-South. The Farms is designed to offer city and country living within a luxurious setting. With customizable homes, a menu of amenities, and the security of covered long-term care, The Farms will offer residents effortless, elegant living. Kirby and The Farms are run by Retirement Communities of America (RCA), a mission-driven organization with a 35+-year legacy of faith-based caring.

Duncan-Williams, Inc. (Duncan) served as co-manager on the financing. Founded in 1969, Duncan is a full-service broker dealer and nationally recognized investment banking firm headquartered in TN. The Farms is 70% pre-sold. Rees Architects and Renaissance Group served as architects; Dalhoff Thomas design studio of Memphis assisted as landscape architect. Linkous served as general contractor.

“The Farms has been a labor of love. RCA assembled a team that worked tirelessly toward a successful closing. The Sims team brought expertise, creativity, commitment and flawless execution with Duncan-Williams, and Greystone Communities. The team took a personal interest, and was sensitive and responsive to the complexities of the project and the desires of our Board Members. They successfully facilitated the financing and delivered a favorable rate structure, while with the Sims and Duncan-Williams team executed placement of the bonds masterfully,” Michelle Trammell-Vincent, Senior Vice President, RCA.

Sims structured a 40-year financing to lower annual debt service (the only 2019 senior living financing with this amortization length). The financing included non-rated, fixed rate bonds and bank purchased draw-down bonds for the independent living apartments, assisted living, memory care and skilled nursing portion of the project. The Community also obtained a bank revolving credit facility for the garden home portion of the community. Involving banks saved the project $6+ million in carried interest. Sims structured a Liquidity Support Agreement and Coverage Support Agreement to enhance credit and security for investors. Sims and Duncan placed the bonds with 20 institutional investors and $17+ million with accredited individual investors.

“We were honored to work with The Farms to provide its complete financing. The LPC will be the most up-to-date in its market and will be a beautifully landscaped campus of garden homes, apartments, assisted living, memory care and skilled nursing,” William Sims, CEO and Managing Principal, Sims.

Chauncey Lever of Foley Lardner LLP, John Stevens of Iberia Bank, Charlie Trammell and Michelle of Retirement Companies of America, David Williams of Butler Snow LLP, Jimmy Rester of HJ Sims, Michael Bradshaw of Butler Snow LLP, and Abe Benavides of McCall, Parkhurst & Horton LLP.

Financed Right® solutions: James Rester at 214-558-7175 or [email protected]

ABOUT HJ SIMS: Founded in 1935 on Wall Street, HJ Sims is a privately held investment bank and wealth management firm. HJ Sims is known as one of the country’s oldest underwriters of tax-exempt and taxable bonds, having raised $28+ billion for projects throughout the US. The firm is headquartered in Fairfield, CT, with nationwide investment banking, private wealth management and trading locations. Visit www.hjsims.com/ourstory. Investments involve risk, including the possible fluctuation of principal. Past performance is no guarantee of future results. HJ Sims is not affiliated with Duncan-Williams, RCA or The Farms at Bailey Station. Member FINRA, SIPC. Follow HJ Sims: FacebookLinkedInInstagram and Twitter.