HJ Sims Provides $80.1M Bond Refinancing for Nonprofit Portfolio in Pennsylvania

by Jeff Shaw

LAFAYETTE HILL, Pa. — HJ Sims has completed an $88.1 million bond refinancing for Presby’s Inspired Life, a nonprofit operator based in Lafayette Hill.

The company owns and operates four market-rate seniors housing communities in the Philadelphia area: Rydal Park, Rosemont Presbyterian Village, Spring Mill Presbyterian Village and Broomall Presbyterian Village.

Presby has worked with HJ Sims since 2009, with the investment banking firm providing four financings totaling more than $183 million during the relationship. The current bonds will refinance bank debt and bonds from 2010 and 2013, with a maturity on the new bonds of 2048.

Presby previously purchased land adjacent to its Rydal Park campus for a new independent living project: Rydal Waters. Refinancng the outstanding bank debt freed up capacity among Presby’s existing bank relationships to finance the Rydal Waters project once it completes its pre-development and pre-marketing process.

The 2017 bonds eliminated Presby’s variable rate interest exposure, provided annual cash flow savings, boosted debt service coverage and leveled out and extended future debt service on a fixed rate basis.

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