HJ Sims Arranges $57.9M in Bond Financing for 223-Unit Community in Florida

by Jeff Shaw

FOUR CORNERS, Fla. — HJ Sims, an investment bank and brokerage firm, has arranged $57.9 million in bonds to finance Volterra at ChampionsGate, a 223-unit independent living, assisted living and memory care community in the Orlando suburb of Four Corners.

The bulk of the bonds were issued through the Florida Development Finance Corp. and consist of $48.2 million in tax-exempt bonds and $2.9 million in taxable bonds. HJ Sims also raised $6.8 million in corporate bonds through a private placement with the broker’s investor base.

The borrower is a joint venture currently developing the new property. The companies with ownership interest are an affiliate of Vieste, a program management and development services company from Chicago; an affiliate of HJ Sims Investments, an investor; an affiliate of Life Care Services, one of the largest owner/operators of seniors housing in the United States; an affiliate of Core Construction Services of Florida, a designer/builder based in Florida; and Windermere Strategic Partners, a senior living consulting group.

When completed, Volterra at ChampionsGate will feature 131 independent living apartments, 56 assisted living suits and 36 memory care suites. The 220,000-square-foot community will be a sister campus to Volterra at Solvita Marketplace, formerly known as Tuscan Isle, which is under development in nearby Kissimmee.

The site of the project is part of ChampionsGate, a mixed-use, master-planned development spanning approximately 2,300 acres, less than 20 minutes southwest of The Walt Disney World Resort.

Life Care Services LLC, an Iowa-based operator, will manage the community when complete. A estimated completion date was not disclosed

The development team on the project includes Baker Barrios Architects from Orlando and Solutions Advisors LLC, a marketing consultancy firm. The master developer is Indiana-based Vieste Social Infrastructure LLC.

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