sims provides seed money to hospital-affiliated ccrc

Through the MatchCap℠ program, Herbert J. Sims & Co., Inc. provided $4 million of seed capital to Harbor Village at Mt. Sinai, a planned entrance fee continuing care retirement community in Mt. Sinai, New York.

New Life Management and Development and Active Retirement Community (“ARC”) are the co-developers of the project. ARC is a not-for-profit corporation which is the sole member of Mount Sinai Senior Services, the owner of Harbor Village. Members of ARC include John T. Mather Memorial Hospital of Port Jefferson, Inc. and St. Charles Hospital and Rehabilitation Center. ARC also owns Jefferson’s Ferry, a life care retirement community located in South Setauket, New York. Opened in 2001, Jefferson’s Ferry has displayed great success and is currently highly occupied with a waiting list. Harbor Village at Mt. Sinai will be developed on a 25-acre parcel located 5 miles from Jefferson’s Ferry. New Life developed and manages Jefferson’s Ferry.

Phase I of the project will consist of approximately 186 independent living units, 43 enriched housing units and 46 skilled nursing units. 20 of the assisted living apartments will be arranged to form a “safe neighborhood” for those suffering from memory impairment or dementia. In addition, there will be a community center that will include a restaurant, bistro, health and fitness club, indoor pool, day spa, library, computer lab, and performance center.

At the Sims Late Winter Conference, Mark Andrews of Greystone noted that hospital sponsorship of CCRCs provide local credibility and market visibility, improved health care potential and access to preferred sites. At the same time, many hospitals may not at first recognize that retirement communities are very different operations from hospitals’ core business.

ARC’s tremendous success is a blueprint for hospitals entering the senior living industry.