HJ Sims Arranges $201.1M in Construction Financing for Seniors Housing Project in Norfolk

NORFOLK, VA. — HJ Sims has arranged $201.1 million in financing for the construction of a new residential tower at Harbor’s Edge, a continuing care retirement community (CCRC) in Norfolk. The property was originally developed in 2002 in cooperation with the City of Norfolk as part of a master development plan called “Fort Norfolk Neighborhood.” HJ Sims has partnered with Harbor’s Edge since the early 2000s, structuring, placing and underwriting the initial seed capital transaction, first phase of development financing, a refinancing in 2014 that contained predevelopment capital for the River Tower Phase II construction and the development financing for the River Tower. HJ Sims coordinated with two commercial banks, including SunTrust Bank and TD Bank, with the former providing $65 million in financing.