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Posted: April 12, 2010
Cambridge Realty closes $10.9 million HUD Lean loan
Cambridge Realty Capital Companies has closed a $10.9 million FHA-insured HUD Lean mortgage loan to fund the purchase of Manor Court of Peoria, a 118-bed combination skilled nursing and assisted living property.
Cambridge chairman Jeffrey Davis said the property offers residents 50 skilled care and 68 assisted living beds. The fully-amortized, 35-year term loan was arranged for the property's owner, an Illinois not-for-profit corporation, using HUD's Section 232 pursuant to Section 223(f) -Lean funding program.
The loan was underwritten by Cambridge Realty Capital Ltd. of Illinois, the Cambridge subsidiary responsible for underwriting FHA-insured HUD loans.
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