| Summit at Brighton |
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sims' powerful distribution system delivers low rates description
Summit at Brighton (“Summit”) is a life care community located on a 25-acre opportunity Summit was originally developed in 1997 and financed by a tax-exempt bond issue underwritten by Sims. In December 2005, Sims approached Summit about the economic benefits of maximizing its healthy financial position by advance refunding its long-term bonds to create a more flexible and costeffective capital structure for Summit. implementation Working with Summit, Sims crafted a plan of finance which extended the maturity of Summit’s bonds by five years, taking advantage of a flattened yield curve and creating greater annual cash flow savings. Sims structured the new financing with non-rated fixed rate bonds and revised Summit’s financial covenants, providing it with the financial flexibility it desired. result In June 2006, Sims completed the financing, which included $9,680,000 of fixed rate bonds, with an average 5.39% yield to maturity and a final maturity of 2032. The Series 2006 Bonds provide Summit with:
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site in the Town of Brighton, New York, a suburb of Rochester. Summit was established by the Jewish Health Care System of Rochester (“System”), which is the sole corporate member of Summit. Summit consists of 90 independent living apartments and 60 assisted living units. Health care is available to its residents at the Jewish Home of Rochester, which is located adjacent to Summit and is also an affiliate of the System.
