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Posted: October 9, 2009
Cambridge provides $19.8 million HUD 232 loan for 171-bed facility
Cambridge Realty Capital Companies has provided a $19.8 million FHA-insured first mortgage loan to fund purchase of the 171-bed Manor Court of Peru skilled nursing and assisted living facility.
According to Cambridge chairman, Jeffrey Davis, the fully-amortized, 35-year term loan was arranged for the owner, an Illinois not-for-profit corporation, utilizing HUD Section 232 pursuant to Section 223(f) financing. The loan was underwritten by Cambridge Realty Capital Ltd. of Illinois, the Cambridge subsidiary that underwrites FHA-insured HUD loans for healthcare facilities.
The interest rate was not disclosed.
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