HJ Sims Finances New Seniors Housing Community in Central Florida

KISSIMMEE, FLA. — HJ Sims, an investment bank and brokerage firm, has financed the construction of Tuscan Isle, a seniors housing community in Kissimmee. Tuscan Isle will comprise 120 independent living units, 56 assisted living units and 36 memory care units. The independent living units will be housed in a four-story building, made up of one- and two-bedroom units ranging in size from 706 to 1,230 square feet. The assisted living units will consist of studios and one- and two-bedroom units ranging in size from 390 to 620 square feet. The memory care units will provide for 36 residents in private rooms. Tuscan Isle has a preliminary shared services agreement with AV Homes, the developer of neighboring community Solivita. The Tuscan Isle project began in January and is currently under construction with a planned completion date in spring 2016. Phase II of construction will incorporate a skilled nursing expansion. Construction financing consists of $40.5 million tax-exempt bonds and $1.7 million taxable bonds. The preferred equity consists of taxable bonds for accredited investors, totaling $6.2 million. The owners of Tuscan Isle include affiliates of Vieste Group, a program management and development services company from Chicago; HJ Sims Investments, an affiliate of HJ Sims; Life Care Services, one of the largest owner/operators of seniors housing in the United States; and Core Construction Group, a Florida-based construction company experienced in designing and building senior communities.