HJ Sims Arranges $32.3M Bond Refinancing for Community Near Cleveland

BEACHWOOD, Ohio — HJ Sims has arranged $32.3 million in financing for Menorah Park Center for Senior Living in the Cleveland suburb of Beachwood. 

Menorah Park is a dually certified Medicare/Medicaid healthcare provider that operates residential and outpatient health care services. 

The operator sought refinancing of several tranches of outstanding bank debt and an outstanding HUD loan to generate near-term cash flow flexibility and long-term predictability in its debt service obligations. For capital projects on its campus, Menorah Park also pursued approximately $1 million in additional proceeds.

Sims combined all outstanding indebtedness and provided non-recourse, fixed-rate debt service over a 30-year term, as well as flexible covenants to facilitate future growth opportunities. 

Sims placed the $32.3 million in bonds through a series of institutional and private investors.