Saturday, October 18, 2008

Cambridge Provides $6.5M FHA-Insured Loan to Refinance DeKalb, IL Nursing Home

CHICAGO, IL--Cambridge Realty Capital Companies has provided a $6.5 million FHA-insured first mortgage loan to refinance and fund a 5,075-square-foot addition at Pine Acres Care Center, (top right photo) a 119-bed skilled nursing home facility in DeKalb, Ill.

Cambridge Chairman Jeffrey A. Davis (bottom left photo) said the fully-amortized, 40-year HUD Section 232 healthcare loan was arranged for the company’s owner, an Illinois limited liability company, by Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that underwrites HUD loans.
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 in the 1990s as one of the nation’s leading senior housing and healthcare debt and equity capital providers, closing more than 300 such transactions totaling more than $2.75 billion since then.

Contact: Evan Washington, Phone: (312) 521-7603, Fax: (312) 357-1611

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