CHICAGO--A $13.6 million FHA-insured HUD loan has been provided by Cambridge Realty Capital Companies to refinance the Skokie Meadows Nursing Center, (photo top right) a combined 224-bed intermediate care and board and care facility in Skokie, Illinois.Cambridge Chairman Jeffrey A. Davis said the property has 111 intermediate-care and 113 board and care units. The fully-amortized, 35-year term first mortgage was arranged for the owner, an Illinois limited liability company, by Cambridge Realty Capital Ltd. of Illinois, an FHA/MAP-approved HUD lender.
Davis said the borrower qualified for HUD's Section 223(a)7 funding 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 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.
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 / leasebacks for clients; conventional and mezzanine debt financing; and acquisition of distressed debt. Additionally, Cambridge 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. 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 office in Los Angeles, and correspondent relationships nationwide. The firm also has established key origination relationships and a dozen or more Internet-based strategies.
Cambridge’s award-winning Web site, www.cambridgecap.com, provides monthly rate 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.
For additional information, contact Cambridge at (312) 357-1601 or via e-mail at info@cambridgecap.com.
Contact:
Evan Washington
Phone: (312) 521-7603
Fax: (312) 357-1611
E-Mail: ew@cambridgecap.com
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