In 2006 and 2008 Pacific Retirement Services developed two upscale high rise CCRCs under its Mirabella brand using letter of credit backed variable rate bonds. The first community was Mirabella Seattle, a 12-story building with 289 apartments and 76 health care units in the South Lake Union neighborhood of Seattle, constructed with the proceeds of a $257 million bond issue. The community opened its doors to residents in December 2008 as the housing downturn was in its early stages.
In August 2008 Sims closed a $222 million variable rate bond financing for Mirabella at South Waterfront, a 30-story building with 224 apartments and 57 health care units in Portland, Oregon near Oregon Health and Science University campus. Residents began moving into the community in September 2010.
Sims provides advisory services to Pacific Retirement Services and has taken a leadership role in assisting in debt negotiation strategies that have been successful in waiving, amending and restructuring covenants, delaying debt repayment and extending facility terms for both communities. This included performing working capital and debt capacity analysis, drafting lender correspondence and term sheets, and negotiating with lenders.