HJ Sims Successfully Completes $186.5 Million Transaction for Start-up Rental Continuing Care Retirement Community in Dallas, TX
Without future entrance fee cash flow to deleverage, the structuring of the Legacy financing required a creative solution. Goals included minimization of debt service and assurance of adequate contingencies and reserves, and optimization with the appropriate mix of bond and bank debt, while managing and balancing requirements of the banks and bondholders. This included non-rated, fixed rate bonds, bank purchased draw-down bonds, and a subordinate financing with cash equity contribution.
Sims generated significant demand for the bonds via its extensive private client and institutional network, achieving lower yields and savings of
With Sims' leadership, in collaboration with the working group, Legacy realized its goals of funding project construction and maintaining adequate contingencies, achieving strong debt service coverage, minimizing annual debt service and reserve requirements, and positioning the project for the long-term.
"The Legacy financing utilized a complex, layered structure to ensure our much anticipated state of the art community becomes a reality. Without the extraordinary and creative talents of the HJ Sims team, we most definitely would not have been able to achieve such a successful outcome. Sims exhibited tremendous leadership and perseverance in leading a team of 40+ to ensure our financing was completed in an effective and timely fashion, and we are extremely pleased with the results," said
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ABOUT HJ SIMS: Founded in 1935 on
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SOURCE HJ Sims
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