HJ Sims helped land financing for a couple of luxury senior living developments across the country this month, with two bond placements totaling over $45 million. The larger project, located in Palm Coast, Florida, is being developed by affiliates of the Tuscan Garden Group to include 86 assisted living and 44 memory care units (166 total beds). At a cost of approximately $56 million, or $430,000 per unit, the three-building community is located adjacent to the master-planned community of Grand Haven. Sims sold about $11 million of the bonds to its accredited investor base, with the balance going to six institutional investors. The issuance included $39.55 million of senior taxable/tax-exempt bonds and $2.725 million of tax-exempt subordinate bonds, creating an overall blended yield of 7.42%.
Then, on behalf of a proposed 99-unit assisted living/memory care community in Marana, Arizona (Tucson MSA), Sims placed $3.8 million of corporate taxable bonds to fund a preferred equity investment for the project. The developers, Link Communities and Watermark Retirement Communities (which will operate the community), are both repeat-clients of HJ Sims.
