HJ Sims Raises $398 Million for New Retirement Community on SUNY – Purchase College Employing Ground Leasehold Mortgage to Secure Bonds

November 18, 2021

CONTACT: Shauna Reilly, CMO | 203-418-9043 | [email protected] 

HJ Sims Raises $398 Million for New Retirement Community on SUNY – Purchase College Employing Ground Leasehold Mortgage to Secure Bonds

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 November 2021, $398.1 million tax-exempt and taxable bond issue for Purchase Senior Learning Community, Inc., formed to develop a new university-based retirement community, Broadview at Purchase College, being constructed on the State University of New York Purchase College campus in Purchase, NY.           

Centrally located on campus, Broadview will be operated as a Life Plan Community or CCRC consisting of up to 68 assisted living and memory care beds, as well as 220 senior residential apartments and villas, 20% of which will be reserved for local residents earning no more than 80% of the area’s median income. Central to the core philosophy of Broadview will be a “learning commons” integrated into a building consisting of classrooms, studios, gathering and performance spaces utilized by Broadview residents, as well as students for lectures, performances, mentoring and other educational purposes. Residents will enjoy arts and cultural opportunities on campus. Several college administrators, including the President Provost and Chief Financial Officer are active members of the Board of Directors of Broadview.

Since 2014, Sims has served as investment banker actively involved in Broadview’s development and structuring of necessary financing. In 2018, Sims raised $15 million in Bond Anticipation Notes (BANs) for the initial development costs which supplemented a $5 million grant received by the Purchase College Foundation Housing Corporation. The BANs issue, plus accrued interest, was fully repaid with the proceeds of this financing.

On November 10, 2021 Sims closed on the $398.1 million tax-exempt and taxable bond issue. In addition to $179 million in Entrance Fee Principal Redemption BondsSM, the bond issue included several long-term bonds, including one with a final maturity of 2056 and a yield of 4.625%. Underscoring investor appetite, bonds were placed with 32 institutional bond funds and individual clients in Sims’ Private Wealth Group. Despite no first mortgage security for bondholders, Sims leveraged its experience with other leasehold mortgage projects and incorporated several layers of protection for bondholders.

“I thank the Sims team for their guidance and wisdom over the past several years that has culminated in a highly successful bond issuance for the construction of Broadview, Senior Living at Purchase College. An important partner throughout the development of this project, we are grateful for their professionalism in structuring and securing our funding,” said Elizabeth Robertson, Chair – Board of Directors, Purchase Senior Learning Community, Inc. “We look forward to working with Sims through our next phases of development.”

Financed Right®: Andrew Nesi: 203.418.9057| [email protected]

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, Twitter,  Instagram