Exclusive Investment Opportunity: Elim Senior Housing

 **New issue is all sold. Please check with your advisor for secondary opportunities**

Image is an artist’s rendering and completed construction may be different.

Capital Trust Agency 
Senior Living Revenue Bonds
(Elim Senior Housing, Inc. Project)
Series 2017

HJ Sims is pleased to serve as the bond underwriter for the upcoming issue of federally tax-exempt bonds, which will provide financing for the construction of a new senior housing Assisted Living and Memory Care rental community in Wildwood, Florida, adjacent to The Villages.

About the Bonds

  • Available to Qualified Institutional Buyers (QIBs) and Accredited Investors only (no investor letter required)
  • $25,000 denominations and $5,000 denominations thereafter
  • Maturities 2028, 2033, 2038, 2052*
  • Interest will be paid semi-annually, beginning February 1, 2018
  • Proceeds will be used for the following: to fund the acquisition, construction and equipping of the Project, pay certain costs of issuance, fund capitalized interest, fund a debt service fund, and to provide start-up working capital.

Bond Series, Series 2017

  • $54,660,000
  • Non-Rated, Federally Tax-Exempt, Fixed Rate Term Bonds

Security for the Bonds

  • First Mortgage
  • Security Interest
  • Revenue Pledge
  • $2 million Liquidity Support Agreement
  • Debt Service Reserve Fund-Maximum Annual Debt Service
  • Payment and Performance Bonds, Guaranteed Maximum Price Construction Project
  • Repair and Replacement Account

Anticipated Covenants (Beginning Fiscal Year ending 12/31/2022)

  • Debt Service Coverage: 1.20x
  • Days Cash on Hand: 90 Days

About Elim Senior Housing:

  • Elim Senior Housing, Inc. (the “Borrower”) known as “Elim” is a 501(c)(3) organization that was incorporated in 2015 for the purpose of developing, owning and operating the Project
  • When complete, the Community will be located in Wildwood, Florida and is adjacent to The Villages and will consist of 185,000 square feet and be comprised of 107 assisted living apartments, 48 memory care assisted living units with 54 beds and 2 guest suites, common areas, dining rooms, theater, art and hobby room, lounge, general store, fitness and aerobics center and a salon
  • The Borrower is an affiliate of Elim Care, Inc., a Minnesota non-profit corporation
  • Elim Care is a unit of the North Central District Association of the Evangelical Free Church of America
  • The Borrower has engaged Pavone Marketing, Inc. and its subsidiary, Varsity LLC to be responsible for the marketing of the Project
  • Elim Management Services, LLC will manage the Project

We are currently accepting indications of interest for these tax-exempt, non-rated municipal bonds with an expected pricing date the week of July 31, 2017. 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 888.588.7602. 

*Preliminary, 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 Elim Senior Housing(CSAT)
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