Fairfield investment bank HJ Sims has announced $15 million in financing for Broadview Senior Living at Purchase College, a Life Plan Community under development in Westchester County.
As previously reported, Broadview will be on the campus of Purchase College, one of the
13 colleges of the State University of New York (SUNY) system. Broadview will initially consist of 220 independent living apartments and villas, 18 assisted living beds, 16 memory care beds and amenity space with room for potential expansion in later years. Twenty percent of the units will be set aside for residents earning below 80 percent of the local median income.
In 2003, the president of Purchase College assembled a task force to determine how to best fulfill the college’s commitment to lifelong learning. A plan called for the development of a senior residential community on a 40-acre leased parcel of the campus and focused on intergenerational and lifelong learning.
The Purchase College Foundation Housing Corp. provided $5 million to fund initial costs. An estimated $15 million will be required before permanent financing, anticipated to occur within three years. Sims structured a five-year, $15 million bond anticipation note issue to fund the remaining costs.
Sims secured the required financing commitment with an experienced institutional investment fund. Sims’ Private Client Group sold approximately $4 million to individual investors. Sims closed on the $15 million tax-exempt note with an interest rate of 11 percent. Sims expects to provide up to $325 million for the construction and permanent financing of Broadview.