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AMS Closes $97.6 Million FHA 242 Insured Mortgage Loan for Construction of New Orleans East Hospital
Date:1/17/2013

JACKSONVILLE, FL and NEW ORLEANS, LA (PRWEB) January 17, 2013

AMS Health Care Mortgage Corporation provided a $97.6 million FHA insured loan to the Parish Hospital Service District of the Parish of Orleans – District “A” (“HSD”), a political subdivision of the State of Louisiana, will be used to construct a full service state-of-the-art 80 bed hospital offering inpatient and outpatient care. The FHA 242 loan, backed by the full faith and credit of the U.S. Treasury, will provide an exceptionally low fixed interest rate and amortize over a period of 25 years after completion of construction. AMS, HUD, and the entire project team worked diligently to secure HUD’s commitment prior to September 30, 2012, thus avoiding a mandated annual insurance premium increase that would have cost the HSD an additional $3.6 million over the life of the loan. The loan was funded with taxable GNMA securities (see article on right) enabling the HSD to take advantage of historically low interest rates. The structure provided by AMS saved the HSD more than $2 million dollars annually compared to traditional non-rated fixed rate bonds.

“This is an important milestone that could not have been achieved without the commitment, collaboration and hard work of the board and local legislators,” said Mayor Mitch Landrieu. “We are now one very important step closer to achieving our goal. The strength of the U.S. Government is now behind the financing of the New Orleans East Hospital and we will continue to move forward to bring this full service hospital to the New Orleans East community.”

The hospital is expect to be a major catalyst for redevelopment of New Orleans East. In addition to the 80-bed acute care hospital being built by the HSD, Daughters of Charity Services of New Orleans (DCSNO) is constructing a new $6M health care
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