Home Banking & Finance HJ Sims completes $190M financing for retirement community

HJ Sims completes $190M financing for retirement community

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HJ Sims, a Fairfield-based investment bank and wealth management firm, announced the completion of $190 million in financing for Ingleside at Rock Creek, a retirement community based in Washington, D.C.

The financing will enable Ingleside at Rock Creek to create a health services building and 105 additional units within its independent living residential services. HJ Sims said that the financing was structured to minimize the long-term debt service burden on operations, which required the integration of short-term bank financing with long-term bond financing. Because the senior debt for the financing exceeded the 85 percent loan-to-value (LTV) constraint, HJ Sims structured a tranche of subordinate debt that will be converted to senior debt when a portion of the bank debt is repaid below the LTV constraint.

HJ Sims added that it worked with Ingleside’s bank to modify its outstanding bank bonds and integrate these bonds into the new financing structure, which is expected to save the continuing care retirement community approximately $6 million of long-term debt.

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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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