HJ Sims announced it had closed $96.12 million in financing for Asbury Methodist Village in Gaithersburg, MD, and Asbury Solomons, located in Solomons, MD, as of Oct. 1.
Both are owned and operated by Asbury Atlantic Inc. Sims allowed Asbury to refinance a higher-rate, tax-exempt fixed rate bonds and negotiate and extension of a taxable bank loan used to pay the termination fee. The financing also included proceeds to fund capital expenditure to free operating cash, Sims said.
“This was the first time we had the opportunity to work with the Sims team, led by Aaron Rulnick and Melissa Messina, and we are so thankful we selected Sims,” said Andrew Jeanneret, Chief Financial Officer, Asbury Communities Inc. “We had some unique circumstances impacting our refinancing, which Aaron and Melissa completely understood. They designed a creative solution that enabled us to meet our plan of finance.”
