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.