|HJ Sims recently completed $219 million in financing for the construction of The Farms at Bailey Station, a new life plan community in Collierville, TN. |
The Farms is a sister community of Kirby Pines Estates, located in Memphis, TN, which was voted Best Retirement Community in Memphis and the Mid-South. The Farms will offer customizable homes, a menu of amenities, and the security of covered long-term care.
The Farms and Kirby and The Farms are run by Retirement Communities of America, a faith-based organization with more than 35 years’ experienceDuncan-Williams, Inc. served as co-manager on the financing. Duncan is a full-service broker dealer and investment banking firm.
The Farms is 70% pre-sold. Rees Architects and Renaissance Group served as architects; Dalhoff Thomas design studio of Memphis assisted as landscape architect. Linkous served as general contractor.
Sims structured 40-year financing to lower annual debt service, making The Farms the only senior living financing with this amortization length for 2019. The financing included non-rated, fixed rate bonds and bank purchased draw-down bonds for the independent living apartments, assisted living, memory care and skilled nursing portion of the project. The Community also obtained a bank revolving credit facility for the garden home portion of the community.
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