RED Mortgage Provides $4.4M FHA Loan to Ore. AL Facility RED Mortgage Capital, LLC arranged a $4,405,200 FHA 232/223(f) mortgage loan for The Bridge, a retirement and assisted living community in Grants Pass, Ore. The community has 63 assisted living units. RED Mortgage Provides $8.5M FHA Loan to Ohio AL/Memory Care Facility RED Mortgage Capital, LLC arranged […]
Walker & Dunlop
A new loan from Freddie Mac provides affordable senior housing developers a cheaper alternative for financing new construction and renovation projects, with one company realizing cost savings of up to 40% through the new product. Launched at the end of last month, Freddie Mac’s Direct Purchase of Tax-Exempt Loans initiative aims to keep rental housing […]
The federal funds rate appears to be bucking historical trends as it remains at a low rate for what Department of Housing and Urban Development lenders predict will be an extended period of time, industry leaders say. The federal funds rate has narrowly fluctuated between 0.06 percent and 0.25 percent since January 2009, when the Fed […]
The U.S. Department of Housing and Urban Development (HUD) released a new handbook covering the Section 232 Healthcare Mortgage Insurance Program, which features the LEAN processing system. The handbook, issued May 22, is intended to be a one-stop-shop guide to the Section 232 program, covering all aspects of production and asset management. The new guide […]
Beech Street Refinances Illinois Supportive Living Facility for $20.7 Million Beech Street Capital, a Capital One company, has provided a $20.7 million HUD loan to refinance a supportive living facility in Illinois. Under a federal waiver, supportive living facilities in Illinois can receive Medicaid support for low-income residents that need assistance with activities of daily living, […]
The infamous queue of applications for the Department of Housing and Urban Development’s senior housing and healthcare finance programs has been dissolved, and timelines for new applications are zipping through up to 10 times faster than before. Two to three years ago, it could take a year—or longer—to have a HUD Section 232 application picked […]
In a rising interest rate environment, senior housing lenders who work with the Department of Housing and Urban Development’s LEAN 232 program say they are anticipating fewer transactions in the coming year. But it could lead to more opportunity for new construction loans under HUD, which has comprised just a small percentage of HUD lending […]
Commitment Authority for the Federal Housing Administration to issue mortgage insurance for multifamily projects including healthcare and senior housing has been exhausted through the end of fiscal year 2013. This fiscal year, ending September 30, allowed the Department of Housing and Urban Development under Congress $25 billion across its multifamily, healthcare and risk share programs, […]
While not the first time in recent memory the Department of Housing and Urban Development has reaching its commitment authority to finance multifamily housing development projects, the department has again begun prioritizing its projects until it receives more authority for funding. Those who finance senior housing development projects through HUD say while the delay is […]
Coming off a big year for agency financing in the senior living lending environment, 2013 looks to be no different in terms of the participation of the Federal Housing Administration, Fannie Mae and Freddie Mac in the market. Some areas may even be positioned for growth. Last year, the Department of Housing and Urban Development […]
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