GARNET VALLEY, PA. — Sims Mortgage Funding, a subsidiary of HJ Sims, has arranged a $4 million loan for Naamans Creek Country Manor, a 90-bed skilled nursing facility in Garnet Valley, located near the Delaware border between Philadelphia and Wilmington.
An affiliate of The Guardian Foundation, a nonprofit owner-operator, owns the property. The fixed-rate HUD loan pre-pays the property’s existing 30-year, tax-exempt bonds.
The loan also funded a capital reserve and escrows for future repairs. The loan-to-value ratio was only 50 percent on the new loan, which features a 30-year maturity.
The transaction lowers Naamans’ annual debt service by approximately $130,000. With over $360,000 in a reserve fund for replacements, Guardian can address future capital needs that will maintain Namaans’ competitiveness.