Cambridge Realty Cap. closes $10.02 million HUD LEAN mortgage

Cambridge Realty Capital Companies has closed on a $10.02 million FHA-Insured HUD LEAN mortgage for Villa Health Care, a 212-bed skilled nursing and assisted living facility. Cambridge chairman Jeffrey Davis said the fully amortized, 30-year term loan was arranged for the borrower, an Illinois not-for-profit corporation, by Cambridge Realty Capital Ltd. of Illinois, the Cambridge business entity responsible for underwriting HUD loans. Davis said the property has 99 skilled nursing and 113 assisted living beds. It was financed using HUD's 232(a)7 - LEAN program, which is used to refinance properties with existing HUD financing. The interest rate was not disclosed.

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