Cambridge Realty Capital Companies arranged $28.4 million in HUD financing for a portfolio of three skilled nursing facilities in Ohio, but the road to closing was more complicated than usual. Located in the towns of Niles and Milan, these facilities were put up for sale by their long-time real estate owner/operator. However, during the marketing period, operations declined, and the owner brought in a new operator under a long-term lease.
It was the lessee’s goal to eventually own the facilities, and through its ongoing relationship with them, Cambridge helped arrange a friendly sale. Now, with two 35-year terms and one 33-year term, Cambridge structured a $6.08 million loan, a $6.4 million loan and a $15.92 million loan for the three facilities.