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Posted: July 10, 2009
Cambridge has first closing of under HUD's Lean program: $4.2m
According to Cambridge Realty Capital Cos., the 83-bed Beaver Dam Nursing & Rehab Center is the first nursing home facility to be refinanced by the company using HUD's new Lean funding process. Cambridge chairman Jeffrey Davis said a $4.2 million FHA-insured loan was arranged for the owner, a LLC, by Cambridge Realty Capital Ltd. of Illinois, the subsidiary that underwrites HUD loans for nursing home facilities. The fully-amortized 26-year first mortgage loan was underwritten utilizing HUD's Section 232 pursuant to 223(f) program, which is used to refinance existing HUD loans.
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