Cambridge Realty Capital Provides $15.9M FHA-Insured HUD 232 Loan To Refinance Skilled Nursing Home In Glenview, IL
Cambridge Realty Capital Companies has provided a $15.9M FHA-insured HUD 232 first mortgage loan to refinance Glenview Terrace Nursing Center, a 314-bed skilled nursing facility in Glenview, Ill.
Cambridge Chairman Jeffrey A. Davis said the fully amortized, 40-year term loan was arranged for the property's owner, an Illinois limited liability company, by Cambridge Realty Capital Ltd. of Illinois, the Cambridge subsidiary that underwrites senior housing/healthcare loans using HUD programs. The property was refinanced using HUD's Section 223(a)(7) program. 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 today has three distinctive business units: FHA-insured HUD loans, conventional financing, and investments and acquisitions. The company is one of the nation's leading senior housing and healthcare debt and equity capital providers, with more than 300 closed transactions totaling more than $2.75B since the mid-1990s.
Cambridge has consistently ranked among the country's top FHA-insured HUD lenders and offers conventional lending options, including permanent construction and interim loans on either a floating or variable rate basis. The company's growing debt / equity financing strategy includes direct property acquisitions, joint ventures, distressed debt acquisitions and sale/leasebacks.
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. The company also 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 an affiliate office in Los Angeles, and correspondent relationships nationwide. The firm also has established key origination relationships and numerous Internet-based strategies.
Cambridge's award-winning Web site, www.cambridgecap.com, provides current updates for its debt and equity capital programs. The company also publishes the bi-monthly e-Pulse! electronic newsletter, which delivers company news and feature stories via e-mail to corporate friends and clients.
SOURCE: Cambridge Realty Capital Companies