Cambridge Provides $8 Million Hud Loan To Refinance Evanston, IL Nursing Home
Cambridge Realty Capital has provided an $8 million FHA-insured HUD loan to refinance Alden Estates of Evanston, an 81-bed nursing home and sheltered care facility with 42 skilled nursing and 39 sheltered care beds.
Cambridge Chairman Jeffrey A. Davis said the first mortgage loan was arranged for the property's owner, an Illinois corporation. The fully-amortized 35-year loan utilized HUD's Section 223(a)7 program for owners refinancing properties that have existing HUD loans in place. The interest rate was not disclosed.
Privately owned since its founding in 1983 as a real estate investment banker specializing in commercial real estate properties, Cambridge emerged from the 1990s into the new millennium as one of the nation's leading senior housing and healthcare debt and equity capital providers, closing more than 275 such transactions totaling more than $1.75 billion during this period.
The company is one of the nation's leading HUD 232 FHA / MAP-approved lenders and also has an integrated debt / equity financing strategy that includes direct property acquisitions and joint ventures; sale / lease-backs for clients; conventional and mezzanine debt financing; and acquisition of distressed debt. Additionally, Cambridge is the sole correspondent specializing in senior housing for American Property Financing, Inc., a Fannie Mae DUS lender, and offers a wide array of conventional lending options for senior housing / healthcare owners, including permanent construction and interim loans on either a floating or variable rate basis.
Cambridge is the creator of The Signature Experience, a four-step process designed to transform the traditional lender / borrower relationship and identify "ideal" capital solutions for worthy projects. Additionally, the company has created four separate processes for customer groups that are designed to build and enhance long-term relationship potential and speed the way loans are processed and closed. Programs include The Key To Capital for senior housing owners, The Navigator Experience for senior housing brokers and mortgage bankers, The Principal Lender Network for lenders who refer loans to Cambridge, and The Relationship Building Experience for various industry-related consultants, including lawyers and accountants.
The company has a regional office in New York, affiliate offices in Baltimore and Los Angeles, and correspondent relationships in other U.S. cities. The firm also has established key origination relationships and a dozen or more Internet-based strategies.
SOURCE: Cambridge Realty Capital