Cambridge Provides a $7 Million HUD Lean Loan to Refinance The Pontiac Supportive Living Located in Pontiac, IL
CHICAGO–Cambridge Realty Capital Companies reports providing a $7,600,000 HUD Lean loan to refinance Pontiac Supportive Living, a 60-bed supportive living facility, located in Pontiac, IL.
Jeffery A. Davis, Cambridge President, said the fully amortized, 35-year loan was provided for the owner, an Illinois limited liability, company using the HUD Section 232 pursuant to Section 223(f) funding program. Underwriting the transaction was Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured HUD loans.
Pontiac Supportive Living features eight one-bedroom private apartments and 52 private studio apartments. The facility is staffed with nursing aides 24 hours per day. Amenities include on-site dining, transportation assistance, weekly housekeeping and laundry, and regular community activities.
Privately owned since 1983, Cambridge today has three distinct business units: FHA-insured HUD loans, conventional financing, and investments and acquisitions. The company is one of the nation’s leading specialized senior housing and healthcare debt and equity capital providers, with more than 550 closed senior housing transactions totaling more than $5.5 billion.
Cambridge has consistently ranked among the country’s top ten FHA-insured HUD lenders over the last 15 years and offers an array of conventional lending options, including permanent construction and interim loans on either a floating or variable rate basis. The company’s principal investment strategy includes direct property acquisitions, joint ventures, and sale/leasebacks. The company has acquired 16 facilities totaling approximately $60 million. Cambridge has a national origination office in Los Angeles, and numerous correspondent and brokerage relationships nationwide.