Cambridge Realty Capital announced that it recently closed a 12.5 million FHA-insured first mortgage loan to refinance The Ponds, a 116-bed assisted living facility in Lincolnshire, Illinois. The Ponds is part of an upscale continuing care community located on a wooded 20-acre site in Lincolnshire, a northern Chicago suburb. The complex also includes The Wealshire, a 144-bed skilled nursing home facility. The transaction was originated by mortgage broker and consultant Rick Lynn of RML Financial for the borrower, an Illinois limited liability company. The fully amortized, 33-year term loan was underwritten by Cambridge Realty Capital Ltd. of Illinois using HUD’s Section 232 pursuant to Section 223(f) funding program.
“Underwriting is tighter and everything is taking longer than has been the case for the past 20 years. But there are lenders lending and more hopeful signs on the horizon as compared to a few short months ago. Owners should not hesitate to call in outside, expert help,” said Cambridge Chairman Jeffrey A. Davis.