BROOKHAVEN, N.Y. — HJ Sims has arranged $89 million in financing for an expansion project at Jefferson’s Ferry, a continuing care retirement community (CCRC) in the Long Island town of Brookhaven.
Sims underwrote the initial construction bond financing in 1999 for Jefferson’s Ferry, followed by a refunding of this financing in 2006. The new funds will be used toward Jefferson’s Ferry’s Journey Toward Renewal project, an improvement and expansion of the residential and healthcare space.
The project includes construction of a 20-unit building dedicated to assisted living residents with dementia, construction of 60 additional independent living apartments as extensions to the existing apartment buildings, and improvements to the community center.
The financing was structured as two series of tax-exempt bonds. The long-term bond series features a 35-year final maturity and a five-year call feature, providing future refunding flexibility. The short-term Entrance Fee Principal Redemption Bonds (EFPRBs) are expected to be repaid within three years using entrance fees paid by new independent living residents.