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Case Study: Waterview at Sugar Mill Pond

October 2021
Youngsville, LA 


In 2017 we originated an $15,785,600 FHA-insured Section 223(a)(7) loan that refinanced the outstanding HUD-insured loan that financed construction of Waterview at Sugar Mill Pond a 168-unit market-rate apartment project located in a planned community. The Project was developed and is managed by Vintage Realty Company, a privately owned, full-service real estate firm specializing in the brokerage, leasing, property asset management, development, and construction. 

Interest rates had declined since the original refinancing, providing Vintage with the opportunity to generate debt service savings. We advised them of this positive development in the market and suggested a refinancing structured under HUD’s Mortgage Note Modification/Interest Rate Reduction (IRR) protocol. 


Acting as Financial Advisor, we developed the initial financial modeling of the transaction and coordinated the development of the formal IRR proposal with the existing loan servicer, whom we brought into the 2017 refinancing. The entire transaction took approximately 75 days to complete. 


The IRR reduced the interest rate by 37% and will generate total debt service savings of approximately $5.8 million through the remaining term of the loan. 


The IRR, completed three years after our initial financing, is another example of SMF maintaining long-term relationships with our clients and delivering to them ongoing value. Sims has closed 26 HUD-insured loans for Vintage since 2002. 

When you work with a mortgage banker for 15 years they become as much a part of your team as your architects, engineers and contractors. They have consistently delivered positive results and have closed deals that otherwise would have never happened. Their knowledge of each HUD program is unsurpassed, and it is very obvious that every HUD office they have worked with has the utmost confidence and respect for their team. With the respect from the different offices, they are able to reach out to the higher levels of HUD to solve problems. We look forward to working with Sims for many years to come and we strongly recommend them to any company interested in completing a HUD loan.” 

David Alexander, Managing Partner 

Vintage Realty Company 

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For more detailed information on how the Waterview at Sugar Mill Pond was Financed Right® by HJ Sims and Sims Mortgage Funding, please contact:

Kerrie J. Tomasiewicz
(201) 307-9383

HJ Sims is a member of FINRA/SIPC ® and is not affiliated with the United Methodist Homes of NJ Sims Mortgage Funding is a wholly owned subsidiary of HJ Sims & Co Inc.