FHA / GNMA Insured Mortgage Loan
The former Methodist Hospital in East Orleans shuttered by Hurricane Katrina related damage is being redeveloped by The Orleans Parish Hospital Service District A (HSD), a political subdivision of the State of Louisiana.
AMS was retained by HSD to pursue FHA mortgage insurance for the project and provide consulting services to structure an affordable and sustainable project for the 130,000 primary market residents who have been without acute care services since the storm in 2005. Prior attempts with other bankers to develop and finance the project were unsuccessful. AMS developed a plan to address the project’s inadequate Medicaid reimbursement level resulting in a State Medicaid Plan Amendment allowing for a financially feasible project. Coordination between multiple local, state and federal parties resulted in the return of essential medical services to this underserved market.
AMS obtained a commitment to insure within 50 days of submitting a full application to HUD. The project was financed in December 2012.