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Bayview sims refinances bayview (120 nursing bed and 59 assisted living unit facility) at a 34-year, non-rated fixed rate of 5.30% On February 22, 2007, Sims closed a $14,505,000 refinancing for the St. Johns County Welfare Federation, Inc., owner of two rental health care communities in St. Augustine, Florida. The financing provided $230,000 in annual cash savings  The Federation was formed in 1920 to provide health care, counseling and other services to the community of St. Augustine and surrounding areas. Currently, the Federation operates two communities: Bayview , a 120 bed skilled nursing center and a 59 bed assisted living facility; and The Buckingham-Smith Assisted Living Facility, containing 36 limited nursing license assisted living beds. The bonds were also structured to provide additional liquidity for the Federation, as well as to allow for renovation and improvements at both facilities. Based on Sims’ recommendation, the final maturity of the 2007 Bonds was extended to 2041, thereby maximizing debt service savings even after including the additional funding. Taking advantage of the favorable rate environment and flat yield curve at the time of pricing, Sims priced the 2041 maturity to yield 5.30%; maturities in 2017 and 2027 were priced to yield 5.00% and 5.20% respectively. |
