Senior Housing Finance Activity: HJ Sims Underwrites Record-Setting $240 Million Bond Issue

HJ Sims Underwrites $240 Million Public Bond Issue for Massachusetts Life Plan Community

Fairfield, Connecticut-based HJ Sims, a privately held investment bank and wealth management firm, will serve as lead underwriter for the upcoming issue of refunding bonds for Massachusetts Development Finance Agency, for its NewBridge on the Charles Project.

HJ Sims serves as underwriter along with Bank of America Merrill Lynch. Specifically, the $239,965,000 financing marks the “largest fixed rate public bond issue” for a single-site life plan community (LPC), according to an HJ Sims press release.


NewBridge on the Charles is an LPC located in Dedham, Massachusetts, roughly 10 miles southwest of Boston and managed by Hebrew SeniorLife (HSL). HSL is a not-for-profit corporation founded in 1903 that operates communities and health care services for seniors, as well as conducts research into aging, and provides education for geriatric care providers.

NewBridge opened in 2009 and provides a full continuum of care for its residents. The community has 256 independent living apartments, villas and cottages, 91 assisted living suites offering traditional care and memory support, and a health care center with 268 skilled and chronic care beds.

Fitch Ratings has rated NewBridge on the Charles’ Series 2017 bonds ‘BB+’; Outlook Stable. Funds from the $239.965 million bonds will refund NewBridge’s outstanding debt and pay issuance costs, according to HJ Sims. The bonds are secured by a mortgage on the retirement community, a pledge of gross revenues, and a debt service reserve fund that is being partially funded by an equity contribution from HSL.


Sims has worked with NewBridge on the Charles since the initial financing in 2007, and its relationship with HSL dates back to 1992.

The Series 2017 Bonds are scheduled to sell via negotiated sale during the week of December 4, 2017 and the financing is expected to close by the end of the year.

CBRE Provides Construction Financing for Oregon-Based Senior Living Community 

CBRE Capital Markets has arranged construction financing on behalf of a joint venture between The Springs Living and Harrison Street Real Estate Capital (“HSRE”) for The Springs Living Lake Oswego, a soon to-be-built, Class “A”, 216-unit senior housing campus located in Lake Oswego, Oregon.

Aron Will, vice chairman of CBRE National Senior Housing, arranged the financing.

The community will consist of 216 units comprised of 75 independent living units, 30 assisted living “Lite” units, 87 assisted living units and 24 memory care units.

The 370,887 square feet building will encompass a five-story residential building with more than two levels of parking. The development is situated on 4.8 acres located on the corner of Kruse Way and Upper Boones Ferry Road less than four miles from the 405 acre Oswego Lake.

CBRE secured a $66.4 million, four-year floating rate construction loan with 48 months of interest only from a pair of national banks. Upon completion, the community will be operated by The Springs Living.

KeyBank Provides $99.8 Million in FHA Financing for Northeast Seniors Housing Portfolio

Cleveland-based KeyBank Real Estate Capital has provided a total of $99.8 million in FHA financing for a six-property seniors housing portfolio located across New Hampshire, Rhode Island and Vermont.

The skilled nursing facilities total 664 beds and were built between 1972 and 2007. The properties include: Ridgewood Center – Bedford, located in Bedford, NH; Mountain Ridge Center, located in Franklin, NH; Keene Center, located in Keene, NH; Harris Hill Center, located in Concord; Mountain View Center, located in Rutland, VT; and Kent Regency Center, located in Warwick, RI.

John Randolph of Key’s Commercial Mortgage Group along with Laura Conway and Brandon Taseff from Key’s Healthcare Group arranged the financing through the FHA 232/223(f) mortgage insurance program.

The loan proceeds were used to pay down an existing KeyBank bridge loan, which funded the acquisition of 28 skilled nursing facilities in 2016. The properties were acquired by a joint venture comprised of Cindat Capital Management, Ltd., Best Years, LLC and Welltower Inc.

CBRE Arranges Financing for Acquisition of North Carolina Independent Living Community

CBRE Capital Markets has arranged acquisition financing on behalf of Focus Healthcare Partners LLC for Bartlett Reserve, a 100-unit independent living community located in Durham, North Carolina.

Aron Will, vice chairman of CBRE National Senior Housing, originated the financing.

Originally built as a hotel, the property underwent a multi-million dollar renovation in 2012-2013 by Focus Healthcare Partners to convert the community into a class “A” independent living community. The property is currently 100% occupied.

CBRE Multifamily Capital originated a $12.2MM, 10-year floating-rate loan with five years interest only through its Fannie Mae DUS Multifamily loan origination program.

Written by Carlo Calma

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