FROSTBURG, Md. — Sims Mortgage Funding (SMF), a subsidiary of investment bank HJ Sims, has arranged a $3.4 million HUD recapitalization loan for Diakon Lutheran Social Ministries (DLSM).
The financing will allow DLSM to make improvements to Frostburg Heights, a 110-unit affordable seniors housing community in Frostburg, located approximately midway between Baltimore and Pittsburgh.
Frostburg Heights was built in the 1980s and serves seniors using Section 8 rental subsidies. DLSM, a Lutheran-affiliated social service organization, owns and operates the property, which recently received a 20-year renewal of its Section 8 contract.
The loan features a fixed interest rate and 35-year amortization schedule.