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.
Regular visitors to this space know that we have written periodically about HUD’s efforts to develop a new recapitalization program for its “second generation” Section 202 elderly housing projects. HUD moved closer to this goal earlier this month when it sponsored an online conference titled “RAD for PRAC Projects Listening Session”.
Vintage Realty Company purchased the development rights for Elan at Terra Bella, a proposed 178-unit market-rate project in a Traditional Neighborhood Development (TND) on the North Shore, one of the fastest-growing sections of the New Orleans metropolitan area.