Cambridge Realty Capital reports closing on a $4.5 Million HUD Lean loan for the Bethany Healthcare and Rehabilitation Center, a 90-bed skilled nursing home facility in DeKalb, Ill.
Cambridge Chairman Jeffrey A. Davis said the fully-amortized, 34-year term loan was arranged for the property’s owner, an Illinois corporation, using the HUD Section 232 pursuant to Section 223(a)(7) refinance program. The loan was underwritten by Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured 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 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 400 closed transactions totaling more than $4.5 billion since the early 1990’s, when the firm began its specialization in providing senior housing capital.
Cambridge has consistently ranked among the country’s top five FHA-insured HUD lenders (now HUD Lean) over the last 15 years and offers an array of conventional lending options, including permanent construction and interim loans on either a floating or variable rate basis. The company’s principal investment strategy includes direct property acquisitions and joint ventures, sale/leasebacks, conventional and mezzanine debt financing, and the acquisition of distressed debt. The company has acquired 16 facilities totaling approximately $60,000,000.