Cambridge Realty Capital Companies announced the closing of $90.6 million of HUD-insured Section 232 loans to refinance a portfolio of 10 Intermediate and Skilled Care nursing facilities. The 10 HUD-insured loans were closed and funded simultaneously to accommodate the payoff of a single credit facility and included loans ranging from $3.1 million to $14.8 million. The 10-loan portfolio includes Southview Manor and Community Care Center in Chicago, and the West Chicago Terrace, Frankfort Terrace, Crestwood Terrace, Kankakee Terrace, Bourbonnais Terrace, Joliet Terrace, The Terrace of Waukegan, and Sycamore Terrace of Quincy. Combined, the properties include 1,488 intermediate-care and 65 skilled-care beds.
“The ability to obtain HUD financing to close complex transactions of this kind sends an important message to multi-facility operators,” said Cambridge Chairman Jeffrey A. Davis. “The transaction is indicative of the role HUD 232 financing can play for multi-facility owners in the current capital-constrained environment,” Davis believes.