Cambridge Realty Capital Completes Illinois HUD Refinance
After Cambridge Realty Capital Companies announced that it funded a $32.75 million acquisition loan through HUD for a 211-unit affordable seniors housing property in Baltimore, Maryland, the firm followed up by refinancing a 162-bed skilled nursing facility in Glenwood, Illinois, also going through HUD. The owner, an Illinois limited liability company, obtained an $11.6 million loan, with a fully amortizing 30-year term. Located about 30 minutes outside of Chicago, the facility features a short-term rehab unit for Medicare and private insurance patients, and dialysis services, in addition to providing long-term care. Read More »
Affordable Housing Complex To Get A Make-Over
Cambridge Realty Capital left its comfort zone of financing skilled nursing facilities, arranging a $32.7 million HUD-insured loan that was funded by tax-exempt bonds, with owner’s equity facilitated by low-income housing tax credits. The combination refinanced a 211-unit affordable elderly housing complex in Baltimore, Maryland. The extra funds are to be used to modernize the 40-year old physical plant. We suspect there are many more of these types of buildings that need updating, in addition to more of these buildings in general to help low-income elderly as they age. Read More »
Cambridge Realty Capital Assists In Illinois SNF Sale
Cambridge Realty Capital Companies recently assisted a skilled nursing operator to exercise its purchase option on a 192-bed skilled nursing facility in Glenview, Illinois, with the help of a $20 million bridge loan, plus a $1.0 million asset-based loan to fund the deal. The borrower had taken over operations at the nearly 30-year old facility just nine months prior under a lease, so its own culture was still being implemented at the facility level. However, it decided to go through with the purchase option, utilizing its long-standing relationship with Cambridge to get the job done. Read More »From Coulterville to California for Cambridge Realty Capital Companies
Cambridge Realty Capital Companies closed a couple of transactions for clients across the country. First up, in Coulterville, Illinois, the Cambridge team arranged a $3.76 million HUD refinance for a 71-bed skilled nursing facility. The owner, a Missouri LLC, received a 35-year, fully amortized term. Then, a California LLC received a $3.7 million HUD loan, courtesy of Cambridge’s Hymie Barber, to refinance its nearly 20-year old 58-bed assisted living community in Arroyo Grande, California. The loan comes with a 27-year term. Read More »Schedule a demo
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