Joshua Hausfeld closed a $31.9 million loan for the construction of NuVista Care at Wellington Green, a skilled nursing and assisted living center opening this May in Wellington, Florida. He secured the loan through the U.S. Department of Housing and Urban Development’s 232 LEAN program for healthcare facilities. Utilizing HUD mortgage insurance enabled the borrower to obtain a 40-year non-recourse loan with a 4.7% fixed interest rate. The loan also carries an interest-only construction period that converts to 40-year fully amortizing permanent financing.
Streamlined Procedures for LIHTC Projects Announced in 2012 MAP Guide
In advance of HUD’s expected Mortgagee Letter outlining the pilot multifamily insurance program for LIHTC project finance, HUD has included some of the changes to the process in Chapter 5 of the new MAP Guide. To view this section of the guide, click here.
HUD to Allow Financing of Sprinkler Systems
HUD’s Office of Healthcare Programs announced a pilot program to finance the installation of fire suppression sprinkler systems. This important program is in response to the Center for Medicare and Medicaid’s requirement that all long-term-care facilities have sprinkler systems installed by August of 2013. For more information, LEAN approved lenders should contact Vance Morris at HUD at firstname.lastname@example.org.
HUD Issues Mortgagee Letter on Underwriting Policies and Procedures for Commercial Space and Income
On Thursday, September 1st, HUD issued a mortgagee letter (ML 2011-32) giving instructions and guidance pertaining to the recognition of commercial income from non-residential uses in calculating the maximum insurable mortgage. These guidelines are effective immediately. To read the letter, click here.
Via the Mortgage Bankers Association
On Monday, August, 22nd, revisions to HUD’s multifamily underwriting and processing guidelines were announced in a revised edition of the Multifamily Accelerated Processing (MAP) Guide. Along with recent regulatory changes to underwriting requirements, enhancements to the loan process and revisions to the closing procedures and documents, the guide details the procedures MAP lenders must follow when submitting applications for FHA insurance. This version is written in plain language and contains the most substantial changes to multifamily procedures since 2002, when the MAP program was rolled out. The 661-page guide reflects updates in regulations and procedures including last year’s risk mitigation initiatives (ML 2010-21) and the relevant changes earlier this year in the multifamily closing documents. Comments on the new MAP Guide are due November 1, 2011. To access the MAP Guide, click here.
Via the Mortgage Bankers Association
How much value do we place as a society on our ability to house the poor? You have to wonder after suggestions arose during the latest budget compromise about cutting the Low-Income Housing Tax Credit (LIHTC), the only major national program remaining that funds affordable rental development.
In fact, there couldn’t be a worse time to eliminate this meaningful, jobs-creating support. Nearly 100 million Americans pay rent these days, and all signs point to that figure growing in the months and years ahead. People are losing their homes in record numbers, and many that have been foreclosed on have yet to move into rental housing. Analysts expect renters to account for 36 percent of U.S. households by 2015, up from 32.8 percent in 2004, and every percentage-point increase amounts to about 1.3 million more households joining the renting ranks.
Love Funding, one of the nation’s leading providers of multifamily housing and healthcare financing, announced the closing of two loans totaling $12.3 million to assist Vrable Healthcare, Inc. of Columbus, Ohio in the acquisition of two Ohio skilled nursing facilities
The two facilities are Southern Hills Skilled Nursing and Rehabilitation Center in Middleburg Heights and Abbyshire Place Skilled Nursing and Rehabilitation Center in Bidwell. Vrable bought the properties through two subsidiaries that operated the facilities for the past five years under an option to purchase.
Vrable bought the two facilities, Southern Hills Skilled Nursing and Rehabilitation Center in Middleburg Heights, and Abbyshire Place Skilled Nursing and Rehabilitation Center in Bidwell, through two subsidiaries that have operated them for the past five years under an option to purchase.
Love Funding Secures $6.51 Million Loan for Villa at the Lake Assisted Living Center in Conneaut, Ohio
Love Funding, one of the nation’s leading providers of FHA multifamily and healthcare financing, announced the closing of a $6.51 million loan refinancing for Villa at the Lake, a 100-bed assisted living center in Conneaut, Ohio.
Love Funding First Vice President Robert L. Smallwood secured the loan through the U.S. Department of Housing and Urban Development’s 232/223(f) loan program. Using the program enabled the property’s owner to generate nearly $50,000 in annual debt savings and pay off an 8 percent prepayment penalty through the sale of a Ginnie Mae mortgage-backed security and proceeds from the loan.
National mortgage-banking firm Love Funding today announced that Artin Anvarof the firm’s Washington D.C. office closed a $10,512,700 non-recourse loan for the refinancing of The Village at West Point, a multifamily housing complex located in Surprise, Ariz. Love Funding was able to secure the funds through an FHA-insured loan. By utilizing the HUD 223(a)(7) loan program, Anvar was able to lock in a 4.83 percent fixed interest rate with a 40-year amortization for the borrower.. (more…)
This transaction is one of the first new construction skilled nursing loans to close under HUD’s LEAN program
Love Funding, a national mortgage-banking firm, is pleased to announce that Joshua Hausfeld, Vice President – Loan Originator, in Love Funding’s Washington D.C. office, secured financing for a $13,984,000 new construction loan for Lutz Care and Rehabilitation Center, a skilled nursing facility located in Lutz, Fla. This is one of the first new construction skilled nursing transactions to close under HUD’s LEAN program for healthcare facilities and was also the first transaction to receive early start authorization from HUD and close under such authorization.