Recent volatility in the capital markets has many multifamily housing owners and operators “clutching their pearls” about the availability of financing at reasonable terms and conditions.
Wesley by the Bay is an affordable senior housing community located in Ocean City, NJ and sponsored by the United Methodist Homes of New Jersey. The Project, consisting of four buildings, was built in the early 1980s with a high-interest rate HUD Section 202 Direct Loan.
HUD recently announced that it will be offering lower MIPs for healthcare loans starting on or about October 1, 2022, the start of the new Federal fiscal year.
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.
Much of HUD’s recent success with multifamily mortgage insurance can be attributed to their Multifamily for Tomorrow initiatives, which have created standard application templates and underwriting parameters, and streamlined review, loan processing and closing protocols.
We’ve all heard that expression, generally given to mean taking too much time to make a choice between two alternatives, one good but the other, perfect! But, if you deliberate too much, you may miss out on both and have nothing to show for your deliberations.
Sims Mortgage Funding’s very successful 2021 can be described in a single word – refinance. We completed eleven refinancing deals last year, totaling approximately $131 million, for existing clients who had HUD-insured loans already in place.
Sims Mortgage Funding (SMF) and Parkview Community Hospital made history in 2011 when we closed the first-ever HUD-insured hospital refinancing loan under the Section 242/223(f) program. That loan refinanced Parkview’s high-interest rate and very short-term […]