Senior Housing Loan Programs

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.

231Applicable 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