HJ Sims Arranges $96.1M Bond Refinancing for Two CCRCs in Maryland

GAITHERSBURG and SOLOMONS, Md. — HJ Sims has closed $96.1 million in bond financing for Asbury Atlantic, a continuing care retirement community owner-operator based in Frederick, Md.

The bonds will refinance existing debt against two of Asbury’s communities: Asbury Methodist Village just north of Washington, D.C., in Gaithersburg and Asbury Solomons in Solomons, located along the Patuxent River flowing into Chesapeake Bay.

Sims negotiated with an existing bondholder, combining a taxable bank loan with fixed-rate bond financing, facilitating the ratings confirmation process with Fitch, and restructuring the underlying master trust indenture documentation. The issuance resulted in $8.3 million in savings to Asbury. 

Aaron Rulnick and Melissa Messina led the HJ Sims team on the transaction.