Cambridge Realty Capital Companies secured a HUD refinance for a 102-bed skilled nursing facility in Madison, New Jersey. Previously owned by Extended Care Clinical, the facility last sold in 2016 for $8.3 million, or $81,400 per bed, to a family owner/operator.
Built in 1947 with 102 beds in two stories, the facility provides both short- and long-term care, with a subacute rehab center in a separate wing. Services range from orthopedic and trauma care to stroke, cardiac, tracheostomy and wound care. There are also on-site EKG’s, lab services and bladder scans. It is located across the street from Drew University and about three miles from Morristown Memorial Hospital.
Cambridge secured an $11.14 million HUD loan to refinance the facility. It was fully amortizing and came with a 30-year term.
