Cambridge Realty Capital Companies recently announced that it has provided a $13.4 million FHA-insured “Lean” first mortgage loan to refinance Astoria Nursing and Rehab Center, a 218-bed skilled nursing home facility in Sylmar, California. The transaction was coordinated by National Origination Manager Hymie Barber of Catalyst/Cambridge Healthcare Finance, the company’s West Coast affiliate. It was underwritten by Cambridge Realty Capital Ltd. of Illinois, the Cambridge subsidiary responsible for underwriting HUD Section 232 loans. The fully amortized loan included funds for rehab construction. Cambridge Chairman Jeffrey A. Davis stated that the 33-year term loan was arranged for the owner, a California limited liability company, utilizing HUD’s 223(f) funding program and the agency’s new Lean application and loan approval process.
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