Long Island Development Obtains Bond Financing
HJ Sims secured more than $100 million in tax-exempt bond debt for a brand-new independent living community adjacent to Gurwin Healthcare System’s skilled nursing facility and assisted living community in Commack, New York. When completed, the new IL building will transform the whole campus to a full-fledged CCRC, the fourth on Long Island. Gurwin has been providing health care services since 1988 and has now grown to include a 460-bed skilled nursing facility and a 201-bed assisted living community, plus a host of other services like memory care, palliative and hospice care, respiratory care, on-site dialysis and infusion therapy and two home health care... Read More »
HJ Sims Helps Finance Houston-Area Community
A to-be-built seniors housing community in Houston, Texas just received non-recourse PACE (Property Assessed Clean Energy, not the Program of All-Inclusive Care for the Elderly) financing, courtesy of HJ Sims. Consisting of 74 assisted living units, 22 memory care units and 12 independent living cottages, the community is being developed by StoneCreek Real Estate Partners and Civitas Senior Living, the latter of which will operate it upon opening in Summer 2022. The project is a redevelopment of the Copperfield Racquet and Health Club and is set on 6.6 acres. The PACE program finances 100% of the energy efficiency, renewable energy, water conservation, resilience improvements and the... Read More »
HJ Sims Handles CCRC Bond Refinance
HJ Sims worked on behalf of The Bethel Methodist Home, a not-for-profit CCRC in Valhalla, New York, to refinance the property’s existing acquisition bonds. Opening in 2002 and offering a continuum of services from independent living to skilled nursing, the property experienced financial difficulty during the Great Recession (few entrance fee CCRCs escaped that fate) and ultimately filed for bankruptcy protection in 2015. That process resulted in a 2016 sale which was funded by both tax-exempt and taxable bonds privately placed with a single bond holder and coming with a high interest rate. New management turned around the operations, with occupancy rising from 57% to 91% just before the... Read More »
HJ Sims Closes Two Bond Financings
We wrote last month about the general health of the CCRC market and the numerous expansion projects either breaking ground or opening even during a pandemic. Another CCRC is expanding its services thanks to a large bond financing closed by the team at HJ Sims. Jefferson’s Ferry in Brookhaven, New York is a CCRC that offers independent living, assisted living, memory care, skilled nursing and short-term rehab services. This summer, the 20-year-old community announced a 60-unit independent living expansion, plus plans for a new 20-unit memory care building. There will also be renovations of the existing assisted living and skilled nursing areas, a new health and wellness... Read More »Schedule a demo
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