South Florida CCRC Funds Multi-Phase Expansion Project
HJ Sims secured long-term, fixed-rate bond financing for a CCRC in Pompano Beach, Florida (Fort Lauderdale MSA). Set on 70 acres, not-for-profit John Knox Village has been serving the local community for more than 50 years. It features nearly 1,000 units of mostly independent living, with a 64-unit assisted living community and a 194-bed skilled nursing facility. It is continuing to grow, with a $3.9 million welcome center with sales, marketing and discovery rooms, in addition to conference rooms and a nearly 2,500-square foot open-air space for communal gatherings, going up this spring. A massive aquatic center is replacing a small pool area with a resort-style... Read More »
HJ Sims Secures Financing For CCRC Expansion
We mentioned last week that the lending market for not-for-profit CCRCs has been quite active, particularly to fund expansion projects, and another one was announced by HJ Sims. Sims raised $38.18 million for Presbyterian Villages of Michigan (PVM), a Michigan-based not-for-profit that has been operating since 1945. Sims’ relationship with PVM began in 2015 when they underwrote a bond issue and then continued to provide advisory services. In 2002, PVM acquired land adjacent to its Village of East Harbor campus for an expansion project. Sixteen years later, they opened a new health and wellness center. The current financing by HJ Sims will finance the... Read More »
Cain Brothers Finances North Carolina CCRC Expansion
A CCRC in Greensboro, North Carolina is about to embark on a massive expansion with the backing of a bond financing underwritten by Cain Brothers, a division of KeyBanc Capital Markets. Founded over 100 years ago as the first Masonic retirement community, the not-for-profit WhiteStone, which is owned by The Masonic and Eastern Star Home of North Carolina, is set on a 43-acre campus. It has been managed by Life Care Services since 2006. LCS Development is handling the expansion, which will feature 67 additional independent living units, a 36-unit assisted living/memory care building and an extensive renovation of the existing 20-year-old skilled nursing facility which will convert many... Read More »
Sinai Residences of Boca Raton Embarks on IL Expansion
Sinai Residences of Boca Raton, a 366-bed/unit CCRC in southeast Florida managed by Life Care Services, obtained a large bond financing to fund an independent living expansion that will grow its IL offering by nearly 50%. Just four years ago, the community opened with 234 independent living units, 48 assisted living units, 24 memory care units and a 60-bed skilled nursing facility, all at a cost of $265 million, or nearly $725,000 per unit/bed. Upon the ribbon cutting, all of the IL residences were already sold, and about $90 million of entrance fee principal redemption bonds helped fund the project in addition to another $124 million fixed-rate bond financing, both arranged by HJ Sims.... Read More »
Waco Seniors Housing Project Gets Variety of Funding
Construction just started on a 90-unit seniors housing community in Waco, Texas, and a variety of financing sources have already been announced. Mears Development and Construction Inc. and Harris284 Team Inc. are developing the project to include 11 market-rate units and 79 units set aside for low-income seniors. Six of the units will cater to the mobility impaired and three others will be for either hearing or visually impaired residents. Amenities include a business center, clubhouse, fitness center, picnic area and swimming pool, while Meadowlake Medical Center, Heart Hospital and Ascension Providence, a specialty care hospital, are all located nearby. Completion is expected for... Read More »