Cambridge Realty Capital provided a $15.52 million HUD Lean loan to refinance The Pointe at Eastgate, an assisted living facility located in Algonquin, Illinois.
Brent Holman-Gomez, Cambridge Senior Vice President, reported that the fully-amortized, 35-year loan was provided for the owner, an Illinois limited liability company, using HUD Section 232 pursuant to Section 223(f) funding program, which is used to refinance existing HUD loans. Underwriting the transaction was Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured HUD loans.
The community features life-enriching events and outings, housekeeping, chef-prepared meals, 24/7 certified nursing assistance, medication management, daily socialization, and more to provide residents with all the day-to-day conveniences they desire. The Pointe at Eastgate is designed to promote independence, dignity, respect, and well-being for residents in a cost-effective manner. Senior-style apartment living allows the perfect blend of independence and assistance, depending on your individual needs.
Cambridge is one of the nation’s leading nursing home, assisted living, and healthcare capital providers, with more than 550 closed transactions totaling more than $6,500,000,000 since the early 1990’s, when the firm began specializing in providing senior housing capital. Privately owned since 1983, Cambridge Realty Capital has national origination offices in Chicago and Los Angeles and provides FHA-insured HUD loans and conventional mortgage financing.
