Sims in the Media

Saving Debt Service, Funding Capital Expenditures and Generating Cash in Affordable Housing Communities
January 23, 2012

Sims Mortgage Funding (SMF) ended 2011 and started 2012 on high notes by closing in slightly over one week $12,089,000 of FHA-insured loans for affordable housing projects in New York and Florida.


Sims Refinances HUD Loan to Release Reserves but Maintains Low Fixed Rate, Non-Recourse Financing
January 03, 2012

Sears Garrison desired to lower its cost of capital while maintaining the non-recourse nature of the HUD financing currently in place. Furthermore, Sears Garrison desired to obtain financing that would allow the release of certain HUD required reserves and provide funds for needed capital improvements.


Sims Closes $35.8 Million Financing for Repositioning Coburg Village (The Lutheran Care Network) and Expanding its Rental Independent Units
December 19, 2011

Coburg Village consists of 210 unit rental retirement housing community located on a 26 acre site in Rexford, Saratoga County, New York. Coburg Village will expand by adding 78 independent living units primarily on an adjacent 8.3 acre site. The new 78 units will be connected to the Coburg Village community center.


Sims Mortgage Funding Closes Two Senior Housing FHA-Insured Loans to Build New and Recapitalize Old Communities
December 13, 2011

Sims Mortgage Funding, Inc. (SMF) provided financing for two senior housing projects on opposite sides of the continuum when it closed $16,142,100 in FHA-insured loans for the Terraces at Seacrest Village in southern New Jersey and Joseph House in New York City.


Sims Obtains Low Fixed Interest Rates for Volunteers of America’s $34,940,000 Bond Issue
December 05, 2011

Volunteers of America (“VOA”), a 115 year old social services organization with extensive multi-state senior living operations, had obtained special legislation from the State of Minnesota to replace an aging skilled nursing facility it owned in Anoka, Minnesota. Further, the State granted VOA additional SNF (Skilled Nursing Facility) bed licenses as the market was deemed significantly underserved.


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