Sims Completes Campus Expansion and Repositioning Financing Project, Integrating New Bond Debt with Existing Bank Financing

FAIRFIELD, Conn., Aug. 1, 2018 /PRNewswire/ -- HJ Sims (Sims), a privately held investment bank and wealth management firm founded in 1935, is pleased to announce the successful closing of a $60.6 million financing comprised of non-rated tax-exempt bonds for Village Shalom, a Life Plan Community (LPC) located in Overland Park, KS. Sims played a key role in project and financing planning over the four-year period leading up to the completed financing.

Village Shalom is initiating a campus expansion and repositioning to include: 76-unit independent living apartments, 25 net Assisted Living-Memory Care and Skilled Nursing Units/Beds and relocation and enhancement of rehab center and therapy gym. Village Shalom explored a combination of bank and bond financing, ultimately opting for all bond financing for both intermediate-term financing, repaid with combination of entrance fees and capital campaign proceeds, and long-term financing while retaining attractive outstanding bank financing.

The financing was integrated on a parity basis, including new Series 2018 Bonds, outstanding Series 2013 Bank debt, and Series 2017 Pre-Development Loan, with the latter repaid with a portion of first generation entrance fees and capital campaign proceeds. Village Shalom also carved-out a portion of initial project entrance fees to fund liquidity on the balance sheet. Further, Sims coordinated amendments to the existing Master Trust Indenture in order to address transitions in operations resulting from the facility repositioning along with construction and fill-up of the independent living units.

Sims accelerated the completion of the financing to meet a construction-start deadline with expedited bond marketing and sale, and closing just three days following bond sale. The financing positions Village Shalom for continued success, with expanded independent living capacity and a broader range of healthcare services in both assisted living and skilled nursing, supported by a long-term committed capital structure.

"We had the pleasure of working with the team at HJ Sims in preparation for our recent campus expansion. They did an exemplary job of helping us navigate a very complex debt structure. They brought an amazing depth of experience, were patient, and provided thorough explanation throughout the process. Their wonderful team is professional, responsive, and enjoyable to work with. HJ Sims is a true partner in every sense of the word–they invested in our mission, in the success of our organization, and went above-and-beyond their role as investment bankers," said Matt Lewis, CEO, Village Shalom.

For Financed Right^® solutions, contact Aaron Rulnick: [email protected] | 301.424.9135 or Jim Bodine: [email protected] | 215.854.6428.

ABOUT HJ SIMS: Founded in 1935 on Wall Street, HJ Sims is a privately held investment bank and wealth management firm with $2.2 billion of assets under management. HJ Sims is known as one of the country's oldest underwriters of tax-exempt and taxable bonds, having raised $22 billion for projects throughout the US. The firm is headquartered in Fairfield, Connecticut, with nationwide investment banking, private client wealth management and trading locations. Pershing LLC, a subsidiary of The Bank of New York Mellon Corporation, is custodian of all client assets. HJ Sims is not affiliated with Village Shalom. Visit www.hjsims.com/ourstory. Investments involve risk, including the possible fluctuation of principal. Member FINRA, SIPC. Follow HJ Sims on Facebook and LinkedIn.

SOURCE HJ Sims

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