HJ Sims Completes $632,925,000 Financing for New York City’s First Life Plan Community
$632,925,000 | NEW YORK | FEBRUARY 2026
“Sims delivered outstanding results on the River’s Edge bond sale. Their deep understanding of the market, thoughtful structuring, and strategic insights ensured a smooth transaction and strong investor response”
Partnered Right®
RiverSpring Living has been dedicated to serving seniors for over 100 years, providing nursing care, rehabilitation, memory care, assisted and independent living on its campus in the Riverdale section of the Bronx, NY and beyond. HJ Sims has been privileged to work with RiverSpring Living for over 10- ears on this and other financings. Proceeds of the bond issue will be used to develop River’s Edge, a new life plan community with approximately 260 independent living apartments located on
RiverSpring Living’s 32-acre campus with dramatic views overlooking the Hudson River, New Jersey’s Palisades and the Manhattan skyline.
The one and two-bedroom apartments will range in size from approximately 750 to 1,400 square feet in an 11-story, 441,000 square foot building. Common spaces will include a variety of dining options, theater, library, beauty salon and day spa. A wellness center and health spa will contain an indoor pool, fitness center and locker rooms. The campus has room for a possible future second apartment building as well.
In keeping with the target demographic clientele, the weighted average entrance fee for 90% refund life care contracts is $2.1 million with the monthly service fee of $9,200. The median sales price for real estate sales in 2025 was $1.2 million for Manhattan as a whole.
River’s Edge residents will have access to the existing skilled nursing, assisted living and memory care services currently being offered on site by other affiliated RiverSpring Living entities.
The highly experienced development team for River’s Edge includes Integrated Development II, the architects Perkins Eastman and Consigli Construction.
Structured Right®
One of the key objectives for most new life plan communities is to reduce the initial construction debt to a level that can be supported by operating cash flow and net entrance fees received from second generation residents. This bond issue had five series of bonds that would be redeemed with first generation residents’ entrance fees after a portion was set aside for working capital needs during fill up. All temporary debt is anticipated to be repaid when River’s Edge reaches 85% occupancy.
As a secondary source of working capital in the event of unforeseen circumstances, $25 million will be available, funded with a combination of $15 million in project contingency funds (over and above $21 million in direct construction contingency) and a liquidity support account funded by a $10 million deposit by the organization’s foundation. In addition, the foundation was contributing $14.5 million development capital as equity.
The land upon which River’s Edge will be constructed is leased from the organization’s nursing home affiliate for a term of 99 years.
Executed Right®
For a financing of this size to be successful it must possess superior attributes to attract as many investors as possible: 1) RiverSpring Living’s 100+ year history of providing outstanding care in New York City and beyond, 2) residents will have unobstructed views of the Hudson River, New Jersey Palisades and the Manhattan skyline, and 3) River’s Edge will be the first life plan community in New York City.
Market reception of the community has been tremendous, with 86% of the units reserved at bond closing.
Financed Right®
This bond issue is the largest financing for a new life plan community ever completed. Prior to River’s Edge, the largest start up financing was $458 million for Hebrew Senior Life’s NewBridge on Charles community in 2008 which HJ Sims financed as well.
The bond issue, co-managed by HJ Sims and Ziegler, closed on February 26, 2025. Investor appetite was strong with the bonds placed with over 30 institutional investment firms. The yield on the longest-term bond, maturing in 2065, was 7.13%.
Andrew Nesi
203.418.9057
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