CASE STUDY DESCRIPTION Sims (“Sims”) successfully negotiated the sale of a 318-unit portfolio consisting of two senior living communities located in Colorado to a publicly traded REIT. The portfolio included: (1) MacKenzie Place Union in Colorado Springs, consisting of 97 independent living apartments, 48 assisted living apartments and 26 memory care units; and (2) MacKenzie Place Oakridge in Fort Collins, consisting of 95 independent living apartments, 26 assisted living apartments and 26 memory care units. The communities opened in 2008 with a total cost of $100 million. BACKGROUND In 2006, Sims raised $78.0 million of senior debt and $22.3 million of mezzanine debt and equity to finance the communities. The communities opened in March 2008 and filled up at a protracted

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