$296M Bond Issue Moves Construction of Suburban NYC Senior Community Forward
- Feb 05, 2008
The development of the Amsterdam at Harborside gets a shot in the arm from Herbert J. Sims & Co., which recently underwrote a bond issue valued at approximately $296.4 million for Amsterdam Nursing Home Corp. Inc.’s seniors housing project in North Hempstead, N.Y. Sited on a nine acre parcel, the Amsterdam will encompass all sectors of seniors housing, featuring 226 apartments for independent living residents, 32 assisted living units, 18 special needs assisted living units, and 56 skilled nursing beds. The all-encompassing property will be final piece that completes a planned unit development that will also feature an 18-hole championship golf course, a nine-hole executive golf course, as well as park land. Sims & Co.’s financing for the Amsterdam came in the form of $95.1 million of tax-exempt variable rate bonds; $24.9 million of tax variable rate bonds; and $176.4 million of non-rated tax-exempt bonds, representing the largest underwriting of tax-exempt, non-rated, bonds for a Critical Care Retirement Community. Amsterdam Nursing’s search for financing was complicated by the presently thorny lending market; however, the company found a partner in Sims & Co., which had provided other financing for the Amsterdam beginning four years ago. All told, the financier had already orchestrated just over $41 million for land acquisition and pre-construction activities.