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Southfield, Michigan 48033-7157

HJ Sims has arranged $38.2 million in bond financing for Presbyterian Villages of Michigan (PVM), a nonprofit network of seniors housing communities.

In 2002, PVM acquired land immediately adjacent to its Village of East Harbor campus in Chesterfield, a suburb of Detroit, for an expansion project. In 2018, a new health and wellness center was completed.

The current project being financed comprises the final phase of the expansion with a new independent living area known as Harbor Inn. The Harbor Inn campus will include 12 rental single-level ranch homes, 36 independent living units, and a three-story apartment building with 60 more independent living units.

The financing consists of $18.2 million of bonds underwritten by Sims and $20 million direct placement, draw-down bonds purchased by Huntington Public Capital Corp. The projected combined cost of capital of the bonds is 3.48 percent.