An Exclusive Investment Opportunity: Plantation Village

**This financing has been successfully closed. Please contact you advisor for any potential secondary market opportunities.**

Plantation Village Logo


Revenue and Refunding Bonds
Plantation Village, Inc. Project

Series 2021A Bonds*

HJ Sims is pleased to serve as sole underwriter for Plantation Village, Inc., the only nonprofit Life Plan Community in Wilmington, North Carolina. Plantation Village offers independent living and access to a continuum of care, and is located on approximately 56-acres in a desirable and growing area of North Carolina. The community, which was established in 1982 with the campus opening in 1988, has grown and expanded since its inception. The Community currently includes 245 independent living units in the form of cottages, duplex homes, villas, and market-rate apartments, with an additional 44 independent living units through their 2021 expansion on target for completion by December 2022. With the completion of the expansion, the community will have multiple indoor/outdoor dining venues, a game room, a cinema, a board room, an arts studio, an auditorium, a dog park and beautiful walking paths.

Plantation Village has a shared agreement with neighboring Davis Community to provide healthcare services such as assisted living and skilled nursing.

Plantation Village Community with Expansion

About the Bonds

  • Series 2021A
    • Estimated par amount: $32,520,000*
    • Credit Rating: BBB (Fitch – Stable Outlook)
    • Revenue and Refunding Bonds
    • Bonds are exempt from Federal Income Tax
    • Bonds are exempt from State of North Carolina Income Tax
    • Minimum denominations of $5,000
    • Interest will be payable on January 1 and July 1 of each year, commencing July 1, 2022
    • First principal payment: January 1, 2037

Use of Bond Proceeds


  • Fund expansion project costs
  • Reimburse Plantation Village for prior project cost expenditures
  • Fund capitalized interest
  • Fund costs related to issuance


  • First mortgage
  • Gross revenue pledge
  • Assignment of project documents
  • Assignment of residency agreements

 Key Financial Covenants

  • 1.20x Debt Service Coverage Ratio, tested annually and reported quarterly
  • 120 Days Cash on Hand/Liquidity Covenant; tested semi-annually
  • Semi-annual Disclosure and Disclosure calls
  • Marketing and Occupancy Covenants through stabilization

We are currently accepting indications of interest for these tax-exempt bonds with an expected pricing the week of November 15, 2021, and anticipated settlement during the week of December 2, 2021. For more information including risks, please read the Preliminary Official Statement in its entirety. If you have interest in purchasing these bonds, please contact your HJ Sims financial professional as soon as possible.

*Subject to change

No dealer, broker, salesperson, or other person has been authorized to give any information or to make any representation other than those contained in the Preliminary Official Statement and, if given or made, such other information or representation should not be relied upon as having been authorized by the Issuer, the Borrower, or the Underwriters. The information set forth herein has been obtained from the Issuer, Borrower, and other sources that are believed to be reliable, but is not guaranteed as to accuracy or completeness by, and is not construed as a representation of, the Underwriters. The information contained herein is subject to change without notice. Under no circumstances shall this constitute an offer to sell or solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any offering or solicitation will be made only to investors pursuant to the Preliminary Official Statement, which should be read in its entirety. Investments involve risk including the possible loss of principal. HJ Sims is a member of FINRA and SIPC, and is not affiliated with Plantation Village, Inc.