Benchmark II

sims provides $3.5 million in equity to benchmark for the acquisition of 9 assisted living facilities

Herbert J. Sims & Co., Inc. (through its affiliate HJ Sims Investments, LLC) provided preferred equity to Benchmark Equities VI, LLC, an affiliate of Benchmark Assisted Living. Benchmark Equities VI along with and its institutional partner have acquired nine (9) existing senior housing communities consisting of 672 units of independent living, assisted living and Alzheimer’s care. The facilities are located in Massachusetts (7 facilities), Connecticut (1 facility) and New Hampshire (1 facility). All of the facilities are currently managed by Benchmark Assisted Living. Benchmark Assisted Living is the largest owner-operator of service-enhanced senior housing in New England and has a geographic focus on the Northeast corridor from Boston to Washington, D.C.

Plymouth Crossings

Sims, through its high net worth client base, capitalized a Sims’ controlled investment company that provided the necessary capital to Benchmark. Sims was able to raise the capital needed to fund the transaction in less than a week! The equity raised by Sims, together with funds invested by Benchmark, was used to meet Benchmark’s funding commitment with its institutional partner. Sims’ structure was attractive to Benchmark for several reasons: (1) since the investment is made directly by a Sims’ controlled entity, it allowed Benchmark to access to Sims’ extensive high net worth client base without having to deal with a number of third-party investors; (2) the execution of the transaction was efficient since Sims was able to complete all due diligence, underwriting and close in a very short period of time; and, (3) given an immovable closing date, Benchmark knew it could depend on Sims to have the money at closing.

Direct equity investments with reputable providers such as Benchmark are the latest example of Sims using its extensive client base to provide equity and debt capital to senior housing providers. Sims excels in filling the niches that allows an owner or developer to complete a transaction by providing creative financing such as preferred equity, mezzanine debt or bridge financing.