FOR IMMEDIATE RELEASE
JUNE 14, 2017
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32 Days after Submission to HUD, Sims Mortgage Funding (SMF) Refinances Two Multifamily Rental Properties in Louisiana Totaling $23.4 Million
FAIRFIELD, CT– Sims Mortgage Funding (SMF), a subsidiary of HJ Sims (Sims), a privately held investment bank and wealth management firm founded in 1935, is pleased to announce the successful closing of $23.4 million in loans for two Vintage Realty multifamily rental properties, Magnolia Trace in Alexandria, LA and Waterview at Sugar Mill Pond in Youngsville, LA ($6,778, 300 and $15,785,000, respectively). The Magnolia and Waterview at Sugar Mill loans are the twenty-first and twenty-second loans SMF has closed for Vintage Realty.
SMF underwrote two refinancing loans, insured under the HUD Section 223(a)(7) program, which features an expedited application and underwriting process. For the Magnolia Trace application, SMF obtained a key waiver from HUD, eliminating the need for a Project Capital Needs Assessment, saving loan closing costs, shortening the timeframe to complete the application by approximately 30 days and freezing Magnolia Trace’s annual deposit to its reserve fund for replacements at its current amount.
Waterview was approved by HUD within 16 days, with Magnolia Trace approved 16 days later. The GNMA securities issued for the loans that were being prepaid require interest to be paid through the end of the month. By coordinating the closings of the new loans on the same day on the last day of the month, SMF eliminated the double payment of interest on the loans being refinanced, as well as the new loans. Closing two loans on the same day also minimized Vintage Realty’s legal costs.
SMF delivered two effective refinancings for its longstanding client, Vintage Realty Company, by moving quickly to complete the Section 223(a)(7) loan applications and obtaining HUD approvals on a timely basis,. The combined interest savings will be approximately $4,650,000 over the new loan terms; annual cash-flow savings on a combined basis is approximately $210,000.
“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. Sims has 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,” said David Alexander, Managing Partner, Vintage Realty Company
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ABOUT SIMS MORTGAGE FUNDING: Established in 1984, Sims Mortgage Funding, Inc. (SMF), a subsidiary of HJ Sims, originates, underwrites, and funds loans for healthcare and housing projects insured through the Federal Housing Administration (FHA). SMF is an approved lender under the following programs: LEAN for skilled nursing; assisted living and specialized use facilities; Multifamily Accelerated Processing for market-rate and subsidized rental housing; and Office of Hospital Facilities for hospital transactions. SMF arranges loan funding through the sale of GNMA Mortgage Backed Securities or tax-exempt bonds underwritten by HJ Sims. HUD Plus, a program offered exclusively through HJ Sims, provides significant advantages to healthcare borrowers by increasing their debt capacity. SMF is based in Montvale, NJ. Visit: www.simsmortgage.com.
ABOUT HJ SIMS: Founded in 1935 on Wall Street, HJ Sims is a privately held investment bank and wealth management firm with $2.2 billion of assets under management. HJ Sims is known as one of the country’s oldest underwriters of tax-exempt and taxable bonds, having raised $22 billion for projects throughout the US. The firm is headquartered in Fairfield, Connecticut, with investment banking, private client wealth management and trading locations, nation-wide. Pershing LLC, a subsidiary of The Bank of New York Mellon Corporation, is custodian of all client assets. HJ Sims is not affiliated with Vintage Realty, Magnolia Trace or Waterview at Sugar Mill Pond. Visit: www.hjsims.com/ourstory. Investments involve risk, including the possible fluctuation of principal. Member FINRA, SIPC. Follow HJ Sims on Facebook and LinkedIn.