HJ Sims Provides $15M Financing for University-Affiliated CCRC in Suburban New York

PURCHASE, N.Y. — HJ Sims has provided $15 million in financing for the development of Broadview Senior Living at Purchase College, a continuing care retirement community.

The property will be located on the campus of Purchase College, a public, four-year college of visual and performing arts, liberal arts and sciences, one of the 13 colleges of the State University of New York (SUNY) system. Purchase is approximately 20 miles northeast of Manhattan.

In 2003, the President of Purchase assembled a task force to determine how to best fulfill the college’s commitment to lifelong learning. A plan was formulated for the development of a seniors housing community to be located on a 40-acre parcel of the campus focused on intergenerational and lifelong learning. 

Broadview will initially consist of 220 independent living apartments and villas, 18 assisted living beds, 16 memory care beds and amenity space with room for potential expansion in later years. Twenty percent of the units will be set aside for residents earning below 80 percent of the area median income.

The Purchase College Foundation Housing Corporation provided $5 million to fund initial costs. Sims structured a five-year, $15 million bond anticipation note issue to fund the remaining costs. Sims expects to provide up to $325 million for the construction and permanent financing of Broadview.