HJ Sims Executes Fixed Rate Bond Refinancing for Lucy Corr Village
$34,615,000 | CHESTERFIELD COUNTY, VIRGINIA | MAY 2026
“We are incredibly grateful to HJ Sims for their exceptional guidance, strategic insight, and unwavering commitment throughout our financing process. Their deep understanding of the senior living sector and collaborative approach helped us secure a financing solution that strengthens our organization and positions us well for our next steps in our development as a vibrant organization.”
“At Lucy Corr, we have much going on and very specific goals and objectives. In conjunction with our counsels and advisors, the team at HJ Sims was invaluable in helping us break down the myriad of decisions and tasks into digestible, easy to understand action items. We received great direction and excellent execution. We really appreciate the partnership.”
Partnered Right®
Lucy Corr Village is a not-for-profit continuing care retirement community located in Chesterfield County, Virginia. The community provides a full continuum of care, including independent living, assisted living, skilled nursing, and adult day services. Owned and operated by the Health Center Commission for the County of Chesterfield, Lucy Corr has served the region for over 50 years and operates on a 43-acre campus with 341 units and beds.
With a long-standing mission rooted in serving the local community, Lucy Corr has historically operated with a heavier reliance on skilled nursing services. As part of its long-term strategic planning and focus on continuing Miss Lucy’s legacy, the organization has begun evaluating opportunities to enhance its campus and census mix, with the goal of improving its long-term sustainability.
Ahead of any potential new infrastructure enhancements, Lucy Corr sought to proactively address the upcoming put dates on its bank debt. HJ Sims was engaged to execute a fixed rate bond financing that would eliminate put risk and lock in long-term interest rates. Additionally, as part of Lucy Corr’s strategic efforts, HJ Sims worked in conjunction with a legal and financial working group to replace the “old” Master Trust Indenture with a brand-new MTI.
Structured Right®
The key objective of the financing was to replace the existing bank debt that had put dates in 2026 and 2028 with long-term, fixed rate bonds. HJ Sims created a structure that
both preserved debt capacity and modernized its legal borrowing framework. We extended the amortization on the debt by eight years to retain the same annual debt service payment. Further, Sims modernized Lucy Corr’s Master Trust Indenture to allow for a potential repositioning.
Executed Right®
HJ Sims coordinated closely with Lucy Corr and its municipal advisor, Davenport and Co., to efficiently advance the transaction from structuring through execution.
Once the preliminary official statement was ready, HJ Sims focused investor messaging on Lucy Corr’s improving operating trends, strong occupancy levels across care segments, and the recent strategic and operational enhancements implemented by management. Investor concerns were focused on the organization’s reliance on government payor sources and high skilled nursing mix. Despite these concerns, HJ Sims successfully distributed the bonds to multiple investors and executed on a refinancing that preserved borrowing capacity and flexibility
Financed Right®
Lucy Corr successfully closed on $34,615,000 of Series 2026 Bonds on May 21, 2026. Proceeds were used to refinance approximately $30.7 million of existing debt, fund a debt service reserve, and cover costs of issuance. With a stable debt structure in place, Lucy Corr is well positioned to continue its planning for the potential repositioning project. The transaction generated broad participation across multiple institutional investors, providing depth across the maturity curve and supporting consistent execution. The resulting pricing established a long-term, fixed rate cost of capital aligned with the organization’s strategic and financial objectives.
The financing achieved several key outcomes:
- Successfully transitioned the organization from bank debt with put risk to a long-term, fixed rate capital structure
- Established a durable and predictable cost of capital to support long-term planning
- Achieved broad institutional investor participation across maturities
- Positioned Lucy Corr with enhanced financial flexibility to support future repositioning and strategic initiatives
Following the refinancing, Lucy Corr is better positioned to execute on its long-term objectives with a capital structure aligned to its evolving operating model.
For more detailed information on how Lucy Corr Village was Financed Right® please call or email: