Pending LIBOR Replacement

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LIBOR, which has been the primary index upon which Senior Living Bank Loans and Swaps have been denominated in new and existing financings, is to be discontinued and as such a replacement index is needed. Borrowers should consider the use of an alternate index, and this piece provides expertise on the pending LIBOR replacement as a consideration for senior living organizations.

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Plantation Village (November 2021)

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HJ Sims Partners with Plantation Village, a life plan community, which opened in 1988 in Wilmington, North Carolina, to Facilitate Approximately $65 Million Hybrid Expansion Financing involving Short-Term and Intermediate-Term Draw Down Bank Debt and Long-Term Fixed Rate Bonds.

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Good Shepherd Village at Endwell (December 2021)

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HJ Sims Partners with Good Shepherd Village at Endwell to Refinance Bank-Held Bonds and Provide Funds for Community Improvements. Good Shepherd Village at Endwell, Inc. is a fee-for-service continuing care retirement community located in Endwell, New York approximately 8 miles west of Binghamton consisting of 74 independent living cottages, 80 independent living apartments, 16 assisted living units, 16 memory care units and 32 skilled nursing beds.

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Brandermill Woods (October 2021)

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HJ Sims Partners with Brandermill Woods, a rental senior living community located outside of Richmond, Virginia, to Generate Cash Flow Savings and Early Debt Repayment via a 15-Year Fully Amortizing Bank Loan Exceeding Client’s Expectations.

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Broadview at Purchase College (November 2021)

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HJ Sims Raises $398 Million for New University Based Retirement Community on SUNY Purchase College Campus Employing Ground Leasehold Mortgage to Secure Bonds. Upon becoming President of the State University of New York – Purchase College in 2003, Thomas Schwarz assembled a committee to explore the possibility of developing a senior living community on the college campus.

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United Church Homes – Polaris (July 2021)

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Founded in Upper Sandusky, Ohio in 1916, United Church Homes owns and manages more than 70 Life Plan, healthcare and affordable housing communities in 14 states and two Native American nations. UCH provides affordable housing, independent living, assisted living, long-term care, rehabilitative care and memory care to thousands of older adults.

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Presbyterian Senior Living (July 2021)

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HJ Sims successfully positions Pennsylvania not-for-profit corporation, Presbyterian Senior Living for future projects with an efficient fixed-rate refinancing. Presbyterian Homes Inc. (d.b.a. Presbyterian Senior Living) is a member of the Obligated Group along with of the following entities: Presbyterian Homes in the Presbytery of Huntingdon, Quincy Retirement Community, The Long Community, Inc., PHI Investment Management Services, Inc., Cathedral Village, and The Long Home testamentary charitable trust.

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Sunset Retirement Communities (May 2021)

Sunset Retirement Communities is a multi-campus not-for-profit senior living provider located in West Michigan. HJ Sims was engaged to identify the optimal capital structure for Sunset’s project financing while also reviewing their existing bank debt with two different banks.

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Watermark Retirement Living (May 2021)

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Watermark Retirement Living, which manages 65 communities in 21 states with additional communities under development, including CCRC’s, standalone independent living, assisted living and memory care communities in addition to Medicare-certified rehabilitation and skilled nursing neighborhoods, has partnered with ZOM Living, a highly regarded luxury multifamily developer, to develop two luxury senior living communities in South Florida.

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