A (Fiscal) Year-End Tale of Two Mortgage Insurance Programs
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.
News
Midterm Election Madness as Analyzed by SMF
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.
Sims Mortgage Funding (SMF) Closes $22,128,200 Refinance Loan for Memory Care Facility
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.
HUD Mortgage Insurance Activity at the Three-Quarter Pole
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!”
When Is An Independent Living Facility Not One?
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.
Next Gen Sec 202 Prac Recap Moves Fwd. What?
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”.
Sims Mortgage Funding (SMF) Closes $26,172,500 Loan for New Multifamily Rental Housing
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.
HUD Hearts Affordable Housing!
If you ask five mortgage (or investment) bankers to define an affordable housing project, you’ll likely get ten different answers! It seems like just about
How Did HUD Do Last Year? Very Well, Thank You!
In last month’s edition, we asserted that one year and change after the 2016 election, under the new administration HUD’s multifamily and healthcare mortgage insurance
Where Did the Time Go? A Quick Look Back on 2017, and a Peek at 2018
Sims Mortgage Funding (SMF) had a very good 2017 – here are some of our highlights: We closed loans for market-rate multifamily housing, affordable housing