Sims Closes $93M Bond Financing for Construction of Seniors Housing in New Hampshire
KEENE, N.H. — HJ Sims has closed $93 million in tax-exempt bonds, which will be used toward the development of Hillside Village, a continuing care retirement community (CCRC) in Keene.
The borrower, The Prospect-Woodward Home, is the nonprofit operator of an assisted living facility in Keene. The company recognized that there were no CCRCs in the area that would allow seniors to stay in Keene as they age.
Eighty percent of the independent living apartments were already reserved at the time of bond closing. Prospect-Woodward expects to break ground this year on the 48-acre campus.
New Hampshire Health and Education Facilities Authority issued the bonds. Sims immediately sold 20 percent of the bonds — $18 million — to individual investors.
Sims created three series of Entrance Fee Principal Redemption Bonds to capture initial entrance fees from new residents and to reduce debt quickly. The lender expects the program to allow Prospect-Woodward to redeem 40 percent of the bonds within three years.