SMF Closes $20.2 Million Refinance Loan
Wednesday, 17 June 2009

We are pleased to announce the closing of a $20,242,000 FHA-insured loan on June 11 for the Hebrew Home and Hospital, a 332 bed nursing facility located in West Hartford, CT. The loan, insured under the Section 223(a)(7) program and processed locally by the Hartford HUD Office, provided a source of funds to defease the Home’s 1999 tax-exempt bonds and to prepay approximately $7.1 million of the Home’s outstanding $8.5 million line of credit. The credit line was principally used to finance the implementation of a new 45 bed Behavioral Health Unit (BHU), a psychiatric care program specifically geared to the elderly. The Home developed the BHU in response to a changing health care market in the Hartford area, and in doing so, it was able to dually meet new market demand and maximize revenues in light of a decrease in demand for “traditional” skilled nursing care.

Read more...
 
Sims Refinances a Nursing Home With FHA Insurance in 56 Days
Thursday, 18 September 2008

Sims Mortgage Funding, Inc. recently closed a $6,784,100 HUD-insured loan for the Amherst Nursing Home. The loan was insured under the Section 223(a)(7) refinance program and was funded through the sale of 40-year taxable Government National Mortgage Association (GNMA) mortgage backed securities. The purpose of the new loan was to prepay the existing FHA-insured loan, which had an 8.625% interest rate, and to provide a source of funds to make repairs and improvements to the facility. The Sims deal produced approximately $160,000 in annual debt service savings.

Read more...
 
Sims Closes HUD-Insured Loan for Residential Plaza at Blue Lagoon, Miami, Florida
Tuesday, 08 July 2008

In late June, 2008, Sims Mortgage Funding closed a $12,118,600 HUD-insured loan under the Section 232/223(f) program for Residential Plaza at Blue Lagoon, an existing 350-bed licensed assisted living facility oriented to moderate and low income Hispanic elderly. Proceeds of the 35-year insured loan, which was funded with taxable GNMA securities, were used to retire four existing short-term loans, fund an initial deposit to a reserve fund for replacement and cover transaction costs. The borrower, a community-based not for profit, now has a long term capital structure in place that will allow it to continue its mission of serving low and moderate income elderly well into the future.

Read more...
 
Sims Helps New Orleans Seniors Return Home With Tax Credits and HUD Financing
Tuesday, 11 December 2007

Sims Mortgage Funding, Inc. (“SMF”) was recently acknowledged by Multi-Housing News, a national trade publication, for its participation in a complex financing for the Annunciation Inn, a 106-unit elderly housing project in New Orleans that suffered considerable damage from Hurricane Katrina and has been closed since August, 2005.

Read more...