CASE STUDY BACKGROUND Sims Mortgage Funding (SMF) recently served as Financial Advisor in connection with a $13,656,333 FHA-insured loan for the Island Nursing and Rehabilitation Center, a 120-bed facility located in Holtzville, NY. This was the second successful transaction SMF has closed for Island, which is an affiliate of John T. Mather Memorial Hospital, a 248-bed general medical and surgical facility in Port Jefferson, NY. SITUATION Island has been a client of SMF for over 10 years. In 2007 we originated a $17,158,100 FHA-insured Section 232/223(f) taxable loan funded with GNMA securities that financed Island’s acquisition of the facility. Island wanted to take advantage of current low interest rates by refinancing as quickly as possible; moreover, the project nee

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