The obvious growth in the senior housing industry offers great opportunities for those skilled in providing a sound ethical produuct, at which our 125 year old funding organization excels. A variety of options are offered for age-restricted, independent living senior housing properties through the FHA as well as with conventional lending partners. Loans are available for:
- Acquisitions
- Construction
- Substantial rehabilitation
- Refinancing of existing debt
221(d)(4). Age-restricted housing may be financed using HUD’s 221(d)(4) program for new construction and substantial rehabilitation. The rates are fixed and fully amortized iover terms going to 40 years. Consttruction periods are interest only, the debt service coverage is 1.10 and a loan-to-cost of 90%.
223(f)(4). Applicable for acquisition or refinance, these loans have rates fixed and fully amortized iover terms going to 35 years. The debt service coverage is 1.1765, 85% of market value (80% for cash-out refinance), as well as 100% of the transaction cost for a refinance and 85% of the transaction cost for a purchase transaction.
231. Applicable for construction and/or substantial rehabilitation of housing for the elderly has recently been included under the MAP Program and has generally the same terms as the 221(d)(4) program.
Conventional lending. Typical acquisition or refinancing loans through conventional senior housing financing sources include short-term floating-rate structures with interest only payments and fixed-rate loans with a 10-year term and 25 to 30-year amortization schedules, typically 70-75% LTV.
Our people have the knowledge and professional resources to identify the best options to maximize your investment and to manage the complex financing details of your senior housing transaction.
Recent MAP lender projects
| Project | Location | L/A ($000) | Program |
| Round Hill Baptist Housing/Elderly | Trujillo Alto, PR | $3,829 | 223(f) |
| Sunshine Village | Sarasota, FL | $2,691 | 223(f) |
| Palestine Gardens | Kansas City, MO | $1,883 | 202/223(f) |
| St. Peter Apartments | Columbia, PA | $4,813 | 202/223(f) |
| Washington Woods | Lansing, MI | $0.457 | 202/223(f) |
| Warrior Run Manor | Watsontown, PA | $3,774 | 202/223(f) |
| Heritage Commons Apts. | Williamsburg, VA | $15,500 | Conventional |
| Morton Manor Apts. | Detroit, MI | $5,961 | 202/223(f) |
| Casa Otonal Housing | New Haven, CT | $7,273 | 202/223(f) |
| Village at Arborwood Apts. | Granger, IN | $9,690 | 221(d)(4) |
| Westchester Village | Saginaw, MI | $5,918 | 202/223(f) |
| Cedar Park Sen.Housing | Schoolcraft, MI | $1,036 | 202/223(f) |
| Ken Mar Apts. | Martinsville, IN | $3,956 | 223(f) |
| St. Paul’s Sen. Housing | Canton, OH | $2,526 | 202/223(f) |
| St. Andrew’s/Jennings Sen. Apts. | St. Louis, MO | $3,577 | 202/223(f) |
| William J. Barnwell Apts. | Perryville, MO | $1,100 | 202/223(f) |
| Independence Square Apts. | Lansing, MI | $1,104 | 202/223(f) |
| Cleveland Manor Apts. | Midland, MI | $2,365 | 202/223(f) |
| Grace Portfolio Sen. Housing | Atlanta, GA | $6,675 | Conventional |
