Three years after acquiring a supportive living community in Pontiac, Illinois, a regional owner is refinancing the property with the help of Cambridge Realty Capital Companies. Originally built in 2009, the 60-unit community is made up of 52 private studio and eight one-bedroom units. It is also located just minutes from OSF St. James Hospital.
At the time of its December 2016 sale, it was about 82% occupied, with a 16% operating margin on approximately $1.73 million of revenues. The purchase price came to $7.5 million, or $125,000 per unit. Now, Cambridge has secured a $7.6 million HUD loan, with a fully amortizing 35-year term, to refinance it.