News: Financial Digest
Posted: November 19, 2007
Cambridge provides $5.5 million refinancing for Ridgeview Rehab.
Cambridge Realty Capital Companies has provided a $5.5 million FHA-insured permanent mortgage loan to refinance the Ridgeview Rehabilitation and Nursing Center, a 136-bed skilled care nursing facility.
Cambridge chairman Jeffrey Davis said the fully-amortized, 35-year term mortgage was arranged for the owner, an Illinois limited liability company, by Cambridge Realty Capital of Illinois Ltd., an FHA/MAP-approved HUD lender. The lender utilized HUD's Section 232 pursuant to Section 223(f) funding program. The rate was not disclosed.
The company is one of the nation's leading HUD 232 FHA/MAP approved lenders and also has an integrated debt/equity financing strategy that includes direct property acquisitions and joint ventures; sale/ leasebacks for clients; conventional and mezzanine debt financing; and acquisition of distressed debt. Additionally, Cambridge offers a wide array of conventional lending options for senior housing / healthcare owners, including permanent construction and interim loans on either a floating or variable rate basis.
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