Sims raises approximately $2.0 million for Investment in Benchmark Fund
Headquartered in Waltham, Massachusetts, Benchmark Senior Living (“Benchmark”) is a premier owner, operator, and developer of senior living communities. Founded in 1997, Benchmark currently operates over 65 communities and over 5,500 units across the northeast. Dating back to 2005, HJ Sims has made eight investments with Benchmark.
HJ Sims committed to making a $15 million investment in a fund sponsored by Benchmark Senior Living (the “Fund”). The Fund was formed to develop and acquire senior housing communities located in the Boston to Washington DC corridor. In order to participate in the Fund, Sims needed the flexibility to change the size and timing of its investments as needed by the fund, initially raising only the amount of funds required by the Fund its initial capital call, while pledging to fund future capital calls at a later date.
Sims Benchmark VI, LLC (the “Sims Issuer”), was formed solely to issue multiple series of bonds to meet the capital needs of the Fund. To date, the Sims Issuer has raised capital through four distinct series of bonds: $7.36 million in 2019, $4.55 million in 2020, $3.33 million in 2022, and $1.98 million in 2023, each time fulfilling its capital commitment to the Fund, and keeping investors fully informed of the current state of the underlying investments made by the Fund. A fifth series of bonds is expected in 2024 to fund a final capital call. Sims sold the bonds to high-net-worth investors through its Private Client Group to fund the capital calls for the fund.
Sims was able to efficiently underwrite and implement an attractive structure meeting the capital requirements of Benchmark and its affiliates. Sims’ extensive investor base and industry expertise resulted in another creative solution to help senior housing providers finance new developments.
Sims excels in providing customized financing that allow a valued partner such as Benchmark to focus on what it does best – develop, own and operate senior living communities.
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