Le Lézard
Classified in: Business, Covid-19 virus
Subject: FNC

Sims Advises Presbyterian Villages of Michigan on Financing Independent Living Rental Expansion Project

FAIRFIELD, Conn., Oct. 15, 2020 /PRNewswire/ -- HJ Sims (Sims), a privately held investment bank and wealth management firm founded in 1935, is pleased to announce the successful September 2020 financing in the amount of approximately $38.18 million for Presbyterian Villages of Michigan (PVM), an award-winning non-profit, aging services network assisting people of all faiths and diverse communities across MI since 1945.

Sims completed its first financing with PVM in 2015, serving as underwriter for PVM's Series 2015 bonds. Since 2015, Sims has continued to provide PVM with advisory services for planning future capital expansion projects, monitoring debt capacity and analyzing the obligated group structure.

In 2002, PVM acquired land immediately adjacent to its Village of East Harbor campus for an expansion project. In 2018, The Village of East Harbor completed a new Health and Wellness Center. The current project being financed comprises the final phase of the Health and Wellness Center project, and a new independent living rental expansion project known as Harbor Inn. The Harbor Inn campus will include 12 rental single-level ranch homes, 36 rental independent living units, and a three-story apartment building, encompassing 60 independent living units.

PVM's board, based on analysis provided by Sims, decided to absorb the Harry & Jeannette Weinberg Green Houses at Rivertown Neighborhood (Weinberg) into the Obligated Group, in addition to adding Harbor Inn to the Obligated Group. Sims worked with PVM and Fitch Ratings to secure a "BB" rating for the new bond issuance, and existing Series 2015 bonds. Weinberg is a 501(c)(3) designated, MI non-profit corporation located in Detroit. PVM has a Use Agreement with PACE Southeast MI, a joint venture of Henry Ford Health System and PVM, for the exclusive use of the Weinberg. Absorbing Weinberg into the Obligated Group allowed PVM to refinance the Weinberg Green Houses' outstanding CDFI debt as part of the 2020 tax exempt bond financing.

The financing successfully closed on September 30, consisting of $18.18 million of Series 2020A bonds underwritten by Sims, and $20 million Series 2020B direct placement draw-down bonds purchased by Huntington Public Capital Corporation.

The Series 2020B bonds were issued in a floating-rate mode and hedged with a forward-starting SWAP beginning at the end of the draw period, and cancellable in five years, as well as a seven-year final maturity matching the loan tenor. The projected combined cost of capital of the 2020A and 2020B bonds is 3.48%.

"Following up on the 2015 restructuring and financing, HJ Sims went back to work with PVM's Board and management leadership to provide key guidance to PVM's next steps in expanding and strengthening its Obligated Group, resulting in the 2020 restructuring and financing, remarkably during COVID-19. Sims provided excellent leadership to the financing team. PVM looks forward to working with our partners at Sims as we immediately explore other financing needs to expand and reposition our service offerings," said Brian Carnaghi, SVP of Finance and Business Development, CFO, Treasurer, PVM.

Financed Right® Solutions?Aaron Rulnick: arulnick@hjsims.com, 301-424-9135 | Patrick Mallen: 301-448-7111,  pmallen@hjsims.com.

ABOUT HJ SIMS: Founded in 1935, HJ Sims is a privately held investment bank and wealth management firm. Headquartered in Fairfield, CT, Sims has nationwide investment banking, private wealth management and trading locations. Member FINRA, SIPC. Testimonials may not be representative of another client's experience. Past performance is no guarantee of future results. Facebook, LinkedIn, TwitterInstagram.

CONTACT: Tara Perkins, AVP | 203-418-9049 | tperkins@hjsims.com



These press releases may also interest you

at 20:55
ZoomerMedia Limited (the "Company"), the leader in serving the interests of the 45+ "Zoomer" market in Canada, today announced its financial results for the year ended August 31, 2020. Consolidated Results For the twelve months ended August 31,...

at 19:55
Canadian Spirit Resources Inc. ("CSRI" or the "Corporation") announces the release of its interim financial results and Management Discussion and Analysis ("MD&A"), for the nine month period ended September 30, 2020. In addition, CSRI announces...

at 19:44
TSX VENTURE COMPANIES CINAPORT ACQUISITION CORP. III ("CAC.P") BULLETIN TYPE:  Suspend-Failure to Complete a Qualifying Transaction within 24 months of ListingBULLETIN DATE:  November 27, 2020,TSX Venture Tier 2 Company Further to Exchange bulletins...

at 18:50
iLOOKABOUT Corp. ("ILA" or "the Company") today announced that its unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 2020 and 2019, and the related Management's Discussion and Analysis...

at 18:35
Appreciated Media Holdings Inc. ("Appreciated Media" or the "Corporation") is pleased to announce that the board of directors of the Corporation (the "Board") has negotiated a forbearance agreement with Amcomri GP BVI Limited ("Amcomri") until...

at 18:26
Lakeview Hotel Investment Corp. (the "Corporation" or "Lakeview") announced today that it will not be able to meet the filing date of November 30, 2020, as provided in National Instrument 51-102 ? Continuous Disclosure Requirements, for filing of...

News published on 15 october 2020 at 11:57 and distributed by: