sims helps crane’s mill retain its rating despite a major expansion doubling its debt loan; result is a low cost of capital

On July 10, 2008, Sims closed a third tax-exempt bond financing for Crane’s Mill, a CCRC in West Caldwell, NJ, which provided funding for an independent living unit expansion and renovations to its assisted living units to convert 60 assisted living units to 48 assisted living units and 17 dementia assisted living units.

third sims financing funds continued expansion of redstone village campus

On July 9, 2008, Sims closed a parity tax-exempt bond financing for Redstone Village, a lifecare CCRC opened in 2004 in Huntsville, Alabama, providing funding for the second phase of the community’s expansion, begun in 2007 and financed by Sims as part of a $63,480,000 refunding and expansion tax-exempt bond issue.

start-up ccrc – securing a letter of credit and 30-year fixed rates at 6.95% in a difficult market

Herbert J. Sims & Co., Inc. last week priced the non-rated portion of a $64.650 million bond issue to fund the development and construction of Good Shepherd Village at Endwell (“GSVE”). GSVE is a start up community and New York State’s first Article 46A (fee-for-service) continuing care retirement community. Sims priced the 32-year non-rated long bonds at 6.950%. The 6.95% yield is five (5) basis points below the yield on a $248 million New Jersey hospital bond issue which is rated “BBB-” by Standard and Poor’s and which priced the same week we priced the GSVE non-rated bonds.