Going up in downtown

A well operating CCRC in Buffalo, New York looking to expand needed quick financing to take advantage of building a new independent living campus on the site of a former acute care hospital in downtown Buffalo. Built in 1999 by Episcopal Church Home & Affiliates, the CCRC features 243 IL units and patio homes, as well as enriched housing and skilled nursing beds. Over the years, it has consistently enjoyed high occupancy across all levels of care under its not-for-profit management. HJ Sims has had a relationship with the CCRC since providing seed capital for its initial development in 1996, and so was a natural fit to finance this new expansion project. After site demolition and remediation, the community purchased its site and just broke ground on what will be a six-story, 58-unit independent living/enriched housing building. To finance the $41 million (or $707,000 per unit) development, HJ Sims arranged a $32 million construction loan through a local bank, with a nine-year term and initial variable rate of just over 2.00%. The project is expected to be completed in fall 2017.