HJ Sims Partners With Presby's Inspired Life To Finance Rydal Waters At Rydal Park Expansion

FAIRFIELD, Conn., Oct. 1, 2019 /PRNewswire/ -- HJ Sims (Sims), a privately held investment bank and wealth management firm founded in 1935, is pleased to announce the closing of a $61.567 million transaction in May for Rydal Park, located in Abington Township, PA.

Philadelphia Presbytery Homes and Services for the Aging, dba Presby's Inspired Life (Presby) is a leader in senior living in the Philadelphia area since 1955. In June 2019, Presby affiliated with HumanGood and formed HumanGood Pennsylvania (f.k.a. Philadelphia Presbytery Homes, Inc. or PPHI). PPHI owns and operates three communities, Rydal Park, Rosemont Presbyterian Village and Spring Mill Presbyterian Village, comprising PPHI's Obligated Group. PPHI provides management services to PPHI communities and Presby subsidiaries and manages 19 affordable housing communities. HumanGood is not part of the Obligated Group.

Sims initially worked with Presby as financial advisor in 2009 securing a $55 million loan to reposition Rydal Park's campus. Since then, Sims helped PPHI secure its initial investment grade rating from Fitch in 2010, served as financial advisor to Presby on a bank financing in 2013, and acted as underwriter and sole manager in 2017 on PPHI's $88.145 million "BBB" (Fitch) rated fixed rate bond issue, which refinanced the bank financing and financed capital improvements. The 2017 fixed rate bond financing was consummated with the intent to preserve the bank's lending capacity for the Rydal Waters expansion project, which would feature a new branch of the Rydal Park Life Plan Community located in Abington Township and will include 84 two-bedroom cottages adjacent to the Rydal Park community. The community is expected to include a club house with numerous amenities, dog park and walking trails.

Given a strong history with its existing commercial bank, PPHI elected not to undergo a full bank solicitation process. Instead, PPHI retained Sims to act as financial advisor and utilized its experience in conducting bank solicitations and negotiating with commercial lending institutions to review the proposal originally submitted and benchmark the proposal. As a result of the ensuing negotiations, PPHI was able to obtain a draw down bank held tax-exempt loan with a 3 year interest only period during which $41 million of initial entrance fees are expected to be collected and utilized to repay the outstanding balance with the remaining balance being amortized over a 30 year period.

Sims successfully closed the Rydal Waters' expansion loan—a culmination of a decade+ of preparation. Through Sims' expertise, PPHI was able to obtain a long-term, tax-exempt financing for the Rydal Waters expansion on terms that increased PPHI's maximum annual debt service by a little over $1 million, which resulted in PPHI maintaining its current "BBB" Rating from Fitch Ratings.

Please contact Aaron Rulnick: 301-424-9135 | [email protected] or Melissa Messina: 203-418-9015 | [email protected].

ABOUT HJ SIMS: Founded in 1935 on Wall Street, HJ Sims is a privately held investment bank and wealth management firm. HJ Sims is known as one of the country's oldest underwriters of tax-exempt and taxable bonds, having raised $28+ billion for projects throughout the US. The firm is headquartered in Fairfield, CT, with nationwide investment banking, private wealth management and trading locations. Visit www.hjsims.com/ourstory. Investments involve risk, including the possible fluctuation of principal. Past performance is no guarantee of future results. HJ Sims is not affiliated with HumanGood, Rydal Waters or Philadelphia Presbytery Homes and Services for the Aging. Member FINRA, SIPC. Follow HJ Sims: Facebook, LinkedIn, Instagram and Twitter.

CONTACT: Tara Perkins, AVP Marketing Communications || 203-418-9049 | [email protected]

SOURCE HJ Sims

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