HJ Sims Refinances Two Pennsylvania Seniors Housing Communities
HJ Sims closed a two-part refinance for Asbury Communities Inc.’s two seniors housing properties in Pennsylvania. The Erie location, Bethany Village, has two campuses with 400 independent living units, 100 assisted living units and a 69-bed skilled nursing center. The Mechanicsburg property, Springhill, features 158 independent living units, 35 personal care units and an 80-bed SNF. The loans refinance bonds from 2012 and include a $20.4 million bank loan and tax-exempt, fixed-rate bonds totaling $27.2 million. Altogether, that is $47.6 million of debt arranged for Asbury. That follows a $23.34 million financing package that HJ Sims closed for a small CCRC in New Orleans, Louisiana.... Read More »
Live Oak Bank and HJ Sims Team Up
Sometimes to get a deal done you have to get creative and be flexible. It appears that was the case for a recent sale of a 55-unit assisted living and memory care community located in Utah. Of the total, 42 units are assisted living and 13 are memory care. Even though capital sources have opened up, to get maximum leverage, if that is what you want or need, your lending groups can get flexible. Live Oak Bank and HJ Sims teamed up to provide the financing solution for the buyer of this community, a regional owner/operator with 15+ years of experience that currently manages more than 1,600 units in more than 25 communities across five states in the Mountain West... Read More »
HJ Sims Secures HUD Loan For Brooklyn Apartment Community
Sims Mortgage Funding, a subsidiary of HJ Sims, secured a $7.035 million HUD loan for Marien-Heim of Sunset Park, a 169-unit Section 8 senior apartment community in Brooklyn, New York. It is owned by a local, not-for-profit community development organization. That owner had previously obtained an $8.313 million HUD loan in 2012 that refinanced its Section 202 Direct Loan, funded capital reserves and repairs, generated annual debt service savings and earned them a development fee. But the current low interest rate environment prompted another refinance on Sims’ recommendation. HUD approved the interest rate reduction proposal in about 75 days, and the loan closed 29... Read More »
HJ Sims Refinances Louisiana Senior Housing Community
After already closing over $530 million of HUD loans in Louisiana, Sims Mortgage Funding is returning to the state to refinance Metairie Manor, nearly a decade after previously refinancing the property. Metairie Manor is a 287-unit, Section 8 funded, affordable senior housing community, owned and managed by affiliates of the Archdiocese of New Orleans. This represents the 11th refinancing Sims has closed for the Archdiocese and its management affiliate, Christopher Homes, Inc. Sims previously helped refinance Metairie in 2012 when it paid off its HUD Section 202 Direct Loan. That refinancing produced about $250,000 in annual debt service savings that have been used to fund various... Read More »Schedule a demo
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