sims restructures financing for three assisted living facilities

Herbert J. Sims & Co. underwrote taxable bonds to finance the acquisition of ownership units in Heritage Retirement Homes. Heritage owns three assisted living facilities consisting of 169 units in the Atlanta Metropolitan Area. The bond proceeds were used to purchase existing Class A Ownership Units in Heritage. The acquisition of the ownership units is part of a restructuring plan that is being implemented by HJS Advisors. The bonds have a five-year maturity and pay both a current coupon interest rate and an exit fee. This transaction permitted Sims to recapitalize a troubled credit with new investors and allowed previous investors the option to receive a return of their principal or stay with the investment.

HJS Advisors is a wholly owned subsidiary of Herbert J. Sims & Co. that acts as a servicing agent, asset manager, project monitor, and investment advisor on seed capital, preferred equity, mezzanine loan and private placement transactions.