ALGONQUIN, IL - Cambridge Realty Capital Companies has secured a $15,520,000 loan through the HUD Lean program to refinance The Pointe at Eastgate, an assisted living facility for seniors located in Algonquin, Illinois. The announcement made today confirmed the provision of a fully-amortized, 35-year loan for the property's owner, an Illinois limited liability company.
Senior Vice President Brent Holman-Gomez of Cambridge reported that the refinancing was executed using the HUD Section 232 pursuant to Section 223(f) funding program, a mechanism typically employed to refinance existing HUD loans. This transaction was underwritten by Cambridge Realty Capital Ltd. of Illinois, a branch of the company that specializes in underwriting FHA-insured HUD loans.
The Pointe at Eastgate serves seniors aged 65 and over who require a transition from independent living to a more supportive environment. The facility provides private apartments and a suite of services such as weekly housekeeping, laundry options, medication management, personal care assistance, and transportation for medical appointments and group activities.
Established in 1983 and privately owned, Cambridge Realty Capital is recognized as one of the nation's most experienced HUD lenders, particularly in the senior housing and skilled nursing sectors. The company has completed over 500 transactions, totaling in excess of $6.5 billion. Cambridge operates national origination offices in Chicago and Los Angeles and maintains a network of correspondent and brokerage relationships across the United States.
This refinancing move reflects Cambridge's ongoing commitment to supporting senior living facilities through specialized capital provision. The company's extensive experience in the sector is indicative of its role as a significant player in the market for FHA-insured HUD loans.
This news is based on a press release statement from Cambridge Realty Capital Companies.
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