Sims Mortgage Funding, a subsidiary of HJ Sims, announced that Artis Senior Living has received $22.13 million in refinancing.
Artis’ Washington, D.C.-based facility had built up equity, and will work through a plan that converted short-term debt into long-term financing at a competitive, fixed interest rate, Sims said.
Artis partnered with Sims and its bank to secure the “back-end” of the bridge-to-HUD financing. The loan was insured under the Section 232/223(f) program and was underwritten at 64% of the appraised market value.
