Home Banking & Finance HJ Sims completes $43.7M financing of Florida care complex

HJ Sims completes $43.7M financing of Florida care complex

HJ Sims, a Fairfield-based investment bank and wealth management firm, has announced the completion of its $43.7 million financing for Tuscan Gardens at Palm Coast, a new rental assisted living and memory care community located in Palm Coast, Florida.

tuscan gardens hj sims bond financing
Rendering of Tuscan Gardens.

According to HJ Sims, the financing involved $39.5 million in tax-exempt and taxable bonds that provided for a loan of approximately 78 percent loan to cost. The financing also included $2.72 million in tax-exempt subordinate bonds that were sold to accredited investors and an institution. The company added that the overall blended yield on the bond issue was approximately 7.42 percent.

The financing will be used to construct three buildings covering 152,000 square feet that will house 86 assisted living units and 44 memory care units, with a total of 166 licensed beds. The complex will be adjacent to the Grand Haven master planned community and owned by affiliates of the Tuscan Gardens Group.

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Phil Hall's writing for Westfair Communications has earned multiple awards from the Connecticut Press Club and the Connecticut Society of Professional Journalists. He is a former United Nations-based reporter for Fairchild Broadcast News and the author of 10 books (including the 2020 release "Moby Dick: The Radio Play" and the upcoming "Jesus Christ Movie Star," both published by BearManor Media). He is also the host of the SoundCloud podcast "The Online Movie Show," co-host of the WAPJ-FM talk show "Nutmeg Chatter" and a writer with credits in The New York Times, New York Daily News, Hartford Courant, Wired, The Hill's Congress Blog, Profit Confidential, The MReport and StockNews.com. Outside of journalism, he is also a horror movie actor - usually playing the creepy villain who gets badly killed at the end of each film.

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