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Sims Mortgage Funding, Inc. Closes Section 202/223(f) Refinance Transaction |
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Sims Mortgage Funding recently closed a $6,754,800 loan for the Lutherwood Apartments, a 125-unit, Section 8-subsidized senior housing project in Scranton, PA. The loan was insured under FHA’s Section 202/223(f) program and features a 35-year amortization. The Sponsor was Diakon Lutheran Social Ministries, a Pennsylvania-based provider of healthcare, retirement housing, and social services to a wide array of communities.
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Sims Mortgage Funding, Inc. (SMF) originates mortgage loans insured by the Federal Housing
Administration (FHA) for healthcare, multifamily rental housing, senior housing and hospital
projects. Established in 1984, SMF is a subsidiary of Herbert J. Sims & Co. (HJ Sims), a
nationally-recognized investment banking firm that specializes in debt and equity financing for
the senior living industry.
SMF is an approved lender under FHA’s: LEAN program for skilled nursing, assisted living and
specialized use facilities; Multifamily Accelerated Processing (MAP) program for market-rate
and subsidized rental housing; Office of Hospital Programs (OHP) for hospital transactions; and
Traditional Application Processing (TAP) program for rental housing not covered under MAP.
Through these programs, we originate, process, underwrite and fund loans for construction,
rehabilitation, expansion, acquisition, and refinancing of existing debt.
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FHA SECTION 232/223(f) - Lean Processing
