Senior Housing Finance Activity: HJ Sims, Capital One

HJ Sims Completes $98 Million Financing for Life Plan Community in Pennsylvania

HJ Sims, a privately held investment bank and wealth management firm, recently completed a $98 million financing for Brethren Village, a life plan community in Lancaster, Pennsylvania.

The financing consisted of fixed-rate, BB+ rated Series 2017 refunding bonds, structured with term and serial bonds, a 25-year final maturity and level annual debt service. The 2017 refunding bonds include optional redemption provisions of 10 years (at par) to allow Brethren to repay the bonds before maturity.

Financing for a proposed independent living unit expansion project, meanwhile, was structured as a variable rate, tax-exempt direct placement with a bank. The term of the bank commitment is 10 years, with a 25 year principal amortization.


The 2017 refinancing produced about $16 million in net present value savings, which equals 15.9% savings of the refunded bonds. 

KeyBank to Provide $16.3 Million in Financing for Senior Housing Development in New York

KeyBank’s Community Development Lending & Investment (CDLI) team is set to provide a total of $16.3 million in financing to Christopher Community, Inc. for the construction of a mixed-income senior housing development in Geddes, New York, called Harborbrook Apartments.


Specifically, Christopher Community, Inc., a nonprofit specializing in the management and development of senior housing communities, will receive a $7.3 million construction loan and up to $9 million in LIHTC equity from KeyBank.

The NYS Middle Income Housing Program, the NYS Supportive Housing Initiatives Program, and the NYS Energy Research and Development Program also provided funding for the project.

BMO Harris Acts as Lead Lender on $61.75 Million Credit Facility for Kisco Senior Living

BMO Harris Bank’s Healthcare Real Estate Finance group recently acted as the lead lender and administrative agent on a $61.75 million credit facility made up of $50.05 million in term loan financing and a $11.7 million construction loan for a senior living community operated and managed by Carlsbad, California-based senior housing owner, operator and developer Kisco Senior Living, and owned in a joint venture with an institutional investor.

The BMO commitments provide financing for the purchase of Byron Park, a 187-unit independent and assisted living community in Walnut Creek, California, and the construction of a new, 40-unit assisted living and memory care building on the campus.

Capital One Closes $17.5 Million Refinancing for Senior Housing Community in Oregon

Capital One recently provided a fixed-rate, $17.5 million Fannie Mae loan to refinance a 92-unit senior housing community in The Dalles, Oregon, called The Springs at Mill Creek.

The sponsor, The Springs Living, is a family-owned senior housing company with 14 buildings and almost 1,700 beds in Montana and Oregon.

The Springs Living plans to use the loan to pay off existing debt and buy out its joint venture partner, a Chicago-based private equity firm.

The transaction was originated by Capital One’s Mark Bultman and Dague Retzlaff.  

Written by Mary Kate Nelson

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