FHA 242 223(f) Terms


FHA 242/223(f) Hospital Refinance NEW

FHA Notice FHA 242/223(f) Hospital Re-finance without new construction authorization

Rule Changes 2007 including Design Build Processing

Tuesday, January 6, 2009

Hud Press Release

HUD APPROVES $777 MILLION DEAL TO CONSTRUCT 223-BED HOSPITAL AND MEDICAL OFFICE BUILDING,HOPEWELL TOWNSHIP, NEW JERSEY

The U.S. Department of Housing and Urban Development today made a commitment to insure a loan to Capital Health System (CHS) in Trenton, New Jersey to construct a new 223-bed hospital in Hopewell Township, New Jersey to replace the existing Mercer Medical Center. The $777 million loan is made possible through the Federal Housing Administration's Section 242 Hospital Mortgage Insurance Program.

In addition, the system's Fuld Hospital will create two new medical-surgical units and provide space to accommodate services transferred from Mercer. By insuring the mortgage loan, FHA enabled Capital Health System to obtain a lower cost financing, saving the hospital an estimated $487 million in interest payments throughout the life of the loan.
Posted by Unknown at 5:03 PM
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Our knowledgeable team has worked in the mortgage banking/investment banking industry for the past 24 years specializing in healthcare lending, multifamily housing, FHA and FNMA insured loans. Throughout our careers, we have originated and/or underwritten in excess of $745,000,000 in mortgage loans with a focus on acute care hospitals, assisted living facilities, senior housing, and skilled nursing facilities. Previously our team has worked for several NY-based investment banking/mortgage banking firm specializing in conventional and government-assisted loans. Chuck has been president of a FHA mortgage company and a developer. Scott was the VP of Origination for several FHA and FNMA lenders. He has extensive experience working on affordable housing as the Midwest Loan Officer for FNMA Multifamily Affordable Housing Products. We understand that the integrity of the loan officer for the loan quote and rate pricing can make a huge difference for FHA clients.