The Project’s Sponsor owns four affordable housing properties in Pennsylvania and previously had turned to Sims Mortgage Funding to refinance two of them, on a “cash-out” basis.
HUD mortgage insurance covers a wide variety of real estate, ranging from multifamily housing to nursing homes and assisted living to acute care hospitals. Moreover, the programs cover construction, renovations, expansions, acquisitions, and refinancing.
SMF had a busy first quarter of 2019, as it added a new team member in late January and participated in national and regional lender conferences in February and March.
Baton Rouge General Medical Center (“BRGMC”) is a not-for-profit community hospital with 591 licensed beds. It wanted to expand its footprint by constructing a neighborhood hospital approximately 7 miles from the main campus.
There is a proverb of uncertain origin that says… may you live in interesting times. That was the case for Sims Mortgage Funding in 2018, as we closed loans across all three HUD mortgage insurance platforms; expanded our financial advisory and consulting activities in connection with the proposed sale of two skilled nursing facilities and a hospital; and, are currently weathering a partial shutdown of the Federal government...
In a competitive lending landscape, the HUD Section 221(d)(4) program continues to be a robust, popular source of capital for new construction of multifamily rental housing.
The 2018 mid-term elections gave both Democrats and Republicans something to like. The former now have control of the House of Representatives for the first time since 2010, while the latter have expanded - albeit slightly - their control of the Senate.
Artis Senior Living, a developer/owner/operator of assisted living residences, wanted to leverage the considerable equity it had built up in one of its memory care facilities in the Washington, DC metropolitan area.
Former New York City Mayor Ed Koch used to walk the streets of his city asking the public, “How am I doing?” Had he run into Hall-of-Fame football coach (and New Jersey native) Bill Parcells, the answer would have been, “Mayor, you are what you record says you are!”
The “donut hole” in HUD’s coverage of the senior housing and healthcare continuum is for unlicensed, rental independent living (IL). HUD insures mortgage loans for skilled nursing and assisted living under the Section 232 program, but they limit the inclusion of unlicensed IL units in these projects to no more than 25% of the total.