Aviva: Exclusive Investment Opportunity

$36,000,000*
Capital Trust Agency
Retirement Facility Revenue Bonds
Sarasota-Manatee Jewish Housing Council, Inc. Project
Series 2017

HJ Sims is pleased to serve as underwriter for the upcoming issue of non-rated, tax-exempt revenue bonds for Capital Trust Agency, Retirement Facility Revenue Bonds, Sarasota-Manatee Jewish Housing Council, Inc., conducting operations under the name “Aviva”.

About the Bonds

  • Non-rated, tax-exempt revenue bonds
  • The proceeds of the new issue will be used to refinance the outstanding bonds issued in 2007 for Sarasota County Health Facilities Authority (Sarasota-Manatee Jewish Housing Council, Inc. Project), fund the Debt Service Reserve Fund, and pay the costs of issuance of the Series 2017 bonds.
  • Minimum denominations: $25,000 and any integral multiples of $5,000 in excess thereof
  • No investor letter required
  • First Interest Payment Date: July 1, 2018
  • We anticipate that there will be multiple maturities available
  • Security: mortgage on the Borrower’s Facilities, Gross Revenue Pledge of the Obligated Group members, Debt Service Reserve Fund
  • The Borrower and the Jewish Housing Council Foundation, Inc. (the “Foundation”) are presently the sole members of the Obligated Group
  • Key Financial Covenants: Debt Service Coverage Ratio of 1.20x (measured annually), Liquidity Covenant of 75 Days Cash on Hand (measured semi-annually).

About Sarasota-Manatee Jewish Housing Council, Inc.

  • Sarasota-Manatee Jewish Housing Council, Inc. (the “Borrower”) d/b/a Aviva is comprised of three facilities: Kobernick House at Meadow Park (“Kobernick House”), a rental senior living community with 190 total independent living units, Kobernick House opened for occupancy in November 1993 (24 year history); Anchin Pavilion (“Anchin Pavilion”), a 70-unit assisted living facility, of which 35 units are for memory impairment and Benderson Family Skilled Nursing and Rehabilitation Center (“Benderson”), a 45-bed skilled nursing facility located on the third floor of Anchin Pavilion
  • Through its subsidiaries, Aviva employs nearly 168 total full-time equivalent employees
  • As of October 31, 2017, the Foundation’s net assets totaled $1,794,987

We are currently accepting indications of interest for these non-rated, tax-exempt revenue bonds with an expected pricing date during the week of December 11 and anticipated settlement date before the end of the year. For more information including risks, please read the Preliminary Official Statement in its entirety.  If you have interest in purchasing Bonds in the new issue, please contact your HJ Sims financial advisor as soon as possible or call 877-577-3354. 

*Subject to change

No dealer, broker, salesperson, or other person has been authorized to give any information or to make any representation other than those contained in the Preliminary Official Statement, and, if given or made, such other information or representation should not be relied upon as having been authorized by the Issuer, the Borrower, or the Underwriters. The information set forth herein has been obtained from the Issuer, Borrower, and other sources that are believed to be reliable, but is not guaranteed as to accuracy or completeness by, and is not construed as a representation of, the Underwriters. The information contained herein is subject to change without notice. Under no circumstances shall this constitute an offer to sell or solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any offering or solicitation will be made only to investors pursuant to the Preliminary Official Statement, which should be read in its entirety. Investments involve risk including the possible loss of principal. HJ Sims is a member of FINRA and SIPC and is not affiliated with Sarasota-Manatee Jewish Housing Council.
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