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.
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.