Investment bank and wealth management firm HJ Sims has announced the closing of a $13.2 million commercial loan and a $16.9 million bond financing for Friends House Retirement Community.
The continuing care retirement community in Sandy Spring, MD, is a nonprofit with 208 units in independent living, assisted living and skilled nursing. Established in 1967 to provide affordable homes for low- to moderate-income seniors, Friends House sought to expand and renovate existing common areas in order to serve future additional residents.
Sims coordinated a new master trust indenture providing Friends House the flexibility to continue to grow in future years within an industry-standard covenant framework. The new commercial loan, closed in August, requires that $10.2 million be repaid within the first three years with proceeds from initial entrance fees.
