HJ Sims and HUD Plus

Affinity Living Group recently purchased a 78-unit assisted living/memory care community in Winter Park, Florida (Orlando MSA), with the help of some extra funding arranged by HJ Sims. Sims utilized its HUD Plus program to arrange a $3 million subordinate loan, which supplements Affinity’s existing bridge loan, increases its leverage to 79% and will remain outstanding after the expected HUD take-out. The acquired community was built in 1999 originally with 60 units, but an 18-unit expansion was completed in 2008. It last sold in 2005 for $5.8 million to a financial buyer, who partnered with the existing manager. However, Affinity will take over operations, with a focus of improving occupancy, maximizing revenues and controlling expenses.