Broadview Senior Living at Purchase College, a life plan community under development in New York, has received $15 million in financing through HJ Sims.
Broadview will sit on the campus of Purchase College, which is one of the 13 colleges of the State University of New York (SUNY) system. It will have 16 memory care beds, 18 assisted living beds and 220 independent living apartments, along with affordable housing units.
Sims structured a five-year, $15 million Bond Anticipation Note to fund some of the costs, and the Purchase College Foundation Housing Corporation provided $5 million to fund initial costs. There is estimated $15 million required before permanent financing.
Sims’ Private Client Group sold approximately $4 million to individual investors, despite a $100,000 minimum investment, the firm said. It expects to provide up to $325 million for the construction and permanent financing of Broadview.