Property Types Seniors Housing
$296M Bond Issue Moves Construction of Suburban NYC Senior Community Forward
Feb 5, 2008
By: Barbra Murray, Contributing Editor

The development of the Amsterdam at Harborside gets a shot in the arm from Herbert J. Sims & Co., which recently underwrote a bond issue valued at approximately $296.4 million for Amsterdam Nursing Home Corp. Inc.'s seniors housing project in North Hempstead, N.Y.  

Sited on a nine acre parcel, the Amsterdam will encompass all sectors of seniors housing, featuring 226 apartments for independent living residents, 32 assisted living units, 18 special needs assisted living units, and 56 skilled nursing beds. The all-encompassing property will be final piece that completes a planned unit development that will also feature an 18-hole championship golf course, a nine-hole executive golf course, as well as park land.  

Sims & Co.'s financing for the Amsterdam came in the form of $95.1 million of tax-exempt variable rate bonds; $24.9 million of tax variable rate bonds; and $176.4 million of non-rated tax-exempt bonds, representing the largest underwriting of tax-exempt, non-rated, bonds for a Critical Care Retirement Community.  

Amsterdam Nursing's search for financing was complicated by the presently thorny lending market; however, the company found a partner in Sims & Co., which had provided other financing for the Amsterdam beginning four years ago. All told, the financier had already orchestrated just over $41 million for land acquisition and pre-construction activities.  


 
Recent Seniors Housing Headlines
Pair of Senior Housing Deals Total $122M
July 02, 2008
Senior citizens naturally tend to slow down, but two new deals are further evidence that the senior housing sector is as active as ever.
Marsh’s Edge Sells for $56M in Georgia
July 01, 2008
Coastal Community Retirement Corp. sold Marsh’s Edge, the Entrance Fee Continuing Care Retirement Community located in St. Simons Island, Ga.
DC Officials Plan TIF Package for $260M Mixed-Use Project
June 27, 2008
Roadside Development, the company behind the planned CityMarket at O mixed-use redevelopment endeavor, is on track to get a helping hand from the District of Columbia for the funding of the $260 million project.
KeyBank Closes 3 Loans for $25M for Assisted Living Communities
June 26, 2008
KeyBank Real Estate Capital closed three loans totaling $25 million for Emeritus Senior Living.
Freddie Mac Buys $140M in Seniors Housing Mortgages
June 20, 2008
Freddie Mac has announced the purchase of a $140 million pool of mortgages from Capmark Finance Inc.
 

 

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