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A Look Back at 2019

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!

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"Sims Mortgage Funding has been a trusted partner of Parkview Community Hospital since 2011, when they helped us refinance our short-term, high interest rate debt with a HUD-insured loan. They have a strong knowledge of HUD's programs and procedures, and were able to skillfully lead the hospital, architect and construction manager through a complicated financing process and to a successful closing."
Stephen PopkinCEO, Parkview Community Hospital Medical Center
"We really appreciate all the hard work Sims provided our organization. They helped us navigate through a complicated HUD financing process that resulted in considerable financial benefit to the project and to our elderly residents"
Steve GouldProperty Manager, Community Realty Manangement