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Browsing Category "Press Releases"

SMF Completes Complex, Challenging, Construction Financing

After a recent string of closing refinancing loans for healthcare properties, affordable seniors housing, market-rate housing and a safety-net hospital, Sims Mortgage Funding successfully closed in February a $9,247,200 HUD-insured construction loan for The Monroe.
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SMF Uses Lean Note Modification to Refinance New York Nursing Facility

Sims Mortgage Funding (SMF) recently served as Financial Advisor in connection with a $13,656,333 FHA-insured loan for the Island Nursing and Rehabilitation Center, a 120-bed facility located in Holtzville, NY. The Situation Island has been a client of SMF for […]
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SMF Closes $19,642,600 FHA-insured Loan in Lake Charles, LA.

Sims Mortgage Funding (SMF) recently closed a $19,642,600 FHA-insured loan to finance the construction of multifamily rental housing in metropolitan Lake Charles, LA. The Situation Belle Savanne Apartment Homes will be a 208-unit market-rate rental property oriented towards a growing […]
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SMF Closes a $5,089,900 Loan That Preserves Affordable, Elderly Housing in Pennsylvania

Sims Mortgage Funding, Inc. (SMF) closed in August a $5,089,900 HUD-insured loan for St. Matthew Manor, a 58-unit, Section 202 elderly housing property located in West Philadelphia, PA. The Challenge St. Matthew Manor is sponsored by the St. Matthew African […]
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HUD Expands Access to Mortgage Insurance and Moves Closer to More User Friendly Practices

In the “dog days” of summer, things are typically quiet and low-key. Not so with HUD this time, as they recently announced an expansion of their Section 202 elderly housing refinance program. Moreover, HUD also has indicated that positive changes […]
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SMF Assists Connecticut Client Successfully Preserve Asset by Restructuring Long-Term Debt

SMF assisted one of its long-time healthcare clients successfully close in June a complex restructuring of its FHA-insured mortgage loan through HUD’s Partial Payment of Claim (PPC) program. Background Hebrew Home and Hospital, Incorporated (“HHH”) is a not-for-profit organization that […]
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SMF Closes Construction and Permanent Financing for Market Rate Rental Housing in Louisiana

Sims Mortgage Funding (SMF) recently closed a $19,642,600 FHA-insured loan to finance the construction of multifamily rental housing in metropolitan Lake Charles, LA. The Situation Belle Savanne Apartment Homes will be a 208-unit market-rate rental property oriented towards a growing […]
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Lean Program Starts Its Sixth Year: More Positive Changes Are on the Horizon

The HUD Lean program celebrates its sixth anniversary this month. Lean has brought significant improvements to the delivery of HUD-insured financing for skilled nursing and assisted living projects. It has established a uniform application template, standard underwriting and review protocols, […]
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SMF Closes $22.8 Million HUD Lean Portfolio Transaction

Sims Mortgage Funding recently closed $22,836,000 in HUD-insured loans under the Lean program that enabled a major New England health care provider to repay a bank loan it incurred in connection with its acquisition in 2011 of two nursing homes […]
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SMF Closes a $3,240,000 Loan That Preserves Affordable, Elderly Housing in Pennsylvania

Sims Mortgage Funding, Inc. (SMF) closed in November a $3,240,000 HUD-insured recapitalization loan for McDade – Chichilla Apartments, a 90-unit, age-restricted rental property located in Olyphant, PA. It has a Section 8 Housing Assistance Rental Contract that runs for 20 […]
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