WASHINGTON, D.C. — Sims Mortgage Funding, a subsidiary of HJ Sims, has arranged a $22.1 million loan to refinance a memory care community near Washington, D.C.
Artis Senior Living owns and operates the community, but further details about its name and location were not disclosed. Artis sought to leverage the equity it had built up in the facility while minimizing interest rate and financing risk.
The HUD loan refinances a previous bank loan that served as short-term bridge financing. The 35-year, self-amortizing loan represents a 64 percent loan-to-value ratio and features a fixed rate.