HJ Sims Arranges $45.8M Bond Financing for The Mary Wade Home in Connecticut

NEW HAVEN, Conn. — HJ Sims has closed $45.8 million in financing for The Mary Wade Home, a healthcare facility in New Haven that offers a skilled nursing center, residential care home services, adult day medical health center, physical rehabilitation and transportation services.

The borrower was founded in 1866 as a healthcare group for homeless women and children. HJ Sims has worked with the organization since 1988.

Mary Wade is expanding by adding an assisted living and memory care building on parcels of nearby land acquired over several years. This new building, when completed in 2021, will complete the continuum of care by enabling residents with assisted living needs to remain in the community as their needs change over time.

Sims created a taxable and tax-exempt series of bonds to finance the development. The taxable series was needed to cover prior land acquisition costs not eligible for tax-exempt financing.

The total bond issue closed with an interest rate of 3.83 percent, maturing fully in 2054.