Last year, Sims Mortgage Funding took its consulting and financial advisory services to new heights. How high? Our work assisting clients navigate through the HUD regulatory and programmatic maze in purchasing healthcare properties exceeded our origination activities, which took us 5,000 miles west to Hawaii and closer to home in Pennsylvania, where we completed a third refinancing for a client. A recap of the year –
- Middletown Interfaith Apartments, Middletown, PA
- $5,285,000 Cash-out refinance of affordable housing project with Section 8 housing assistance.
- Liliha Healthcare Center, Honolulu, HI
- $14,080,000 refinance of high-interest rate, short-term bridge loan.
- Capital stack included $2.2 million loan issued through HJ Sims Investments.
- Prospect Heights Care Center, Hackensack, NJ
- Represented buyer and seller on the purchase of skilled nursing facility in obtaining HUD approval of the sale and assumption of three insured loans in the original principal amounts of $36,322,400.
- West Caldwell Care Center, West Caldwell, NJ
- Represented buyer and seller on the purchase of skilled nursing facility in obtaining HUD approval of the sale and assumption of an insured loan in the original principal amount of $12,000,000.
- Parkview Community Hospital Medical Center, Riverside, CA
- Represented seller on the purchase of acute care hospital in obtaining HUD approval of the sale and assumption of two insured loans in the original principal amounts $59,210,700.
We’re looking forward to 2020 and already have started the year with new multifamily and healthcare clients in Massachusetts, Ohio and Missouri. We’re also eagerly awaiting news from HUD on the elimination of its “three-year” rule for multifamily refinancing. What’s that? Keep tuned to this space to find out!