HJ Sims announced that it had closed $70.4 million in financing, $14 million in subordinate financing and $69.9 million in bond underwriting for Legacy Midtown Park in Dallas.
Legacy is a Jewish not-for-profit start-up continuing care retirement community managed by Legacy Senior Communities. It will include a center with nursing beds and 325 total units.
The firm’s final structure included $69.875 million of tax-exempt, fixed rate bonds, and $70.450 million of tax-exempt, drawdown bank bonds. Legacy also identified a single purchaser of $14 million of subordinate bonds, the firm added.
The operator had $34.1 million in equity from campaign pledges, cash on-hand and proceeds from sales of assets. The Dallas Community Foundation provided a loan up to $5.75 million as a bridge, and the Dallas Home for Jewish Aged Endowment Foundation Inc. executed a Guaranty Agreement pledging about $11.79 million of its unrestricted funds until project reaches stabilization.
“Without the extraordinary and creative talents of the HJ Sims team, we most definitely would not have been able to achieve such a successful outcome,” said Melissa Orth, president and CEO of The Legacy Senior Communities. “Sims exhibited tremendous leadership and perseverance in leading a team of 40-plus to ensure our financing was completed in an effective and timely fashion, and we are extremely pleased with the results.”
