Fairfield, CT-based investment bank and wealth management firm HJ Sims closed this month on a $398.1 million tax-exempt and taxable bond issue for a new life plan community being constructed on the grounds of Purchase College, Rye Brook, NY, as part of the State University of New York system.

Sims has been actively involved in Broadview – Senior Living at Purchase College’s development and structuring of financing since 2014. In 2018, the company raised $15 million in bond anticipation notes for the initial development costs, which supplemented a $5 million grant received by the Purchase College Foundation Housing Corp. The BANs issue, plus accrued interest, was fully repaid with the proceeds of this financing, the company said.

“I thank the Sims team for their guidance and wisdom over the past several years that has culminated in a highly successful bond issuance for the construction of Broadview–Senior Living at Purchase College,” said Elizabeth Robertson, Board of Directors chair at Purchase Senior Learning Community, adding that she looked forward to working with Sims through the next phases of development.

The 40-acre retirement community will be nestled within the college’s 500 acres, approximately 30 miles from New York City. In addition to intergenerational learning and living, residents also will have access to local restaurants and shopping as well as transportation to New York City.

Life Care Services is a partner in the effort. More than 85% of the units at the senior living community already are reserved, The Patch reported, and the first residents are expected to move in sometime next year.