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.

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.

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.