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MIDDLETOWN, Pa. — Sims Mortgage Funding (SMF), a subsidiary of HJ Sims, has provided a $5.3 million HUD-insured loan for Middletown Interfaith Apartments.
The 125-unit affordable seniors housing community is located in Middletown, just southeast of the state capital of Harrisburg. It was built in the early 1980s and financed by the Pennsylvania Housing Finance Authority (PHFA), which also administers the project’s Section 8 HAP contract.
The loan is structured as a cash-out refinancing. It features a 35-year term insured under the FHA Section 223(f) program. The new loan included funding of $728,000 for interior and exterior capital repairs, and loan fees.
The new loan was coupled with a 20-year Section 8 HAP contract renewal.