Cambridge Realty Capital recently announced a series of financing transactions for California assisted living and skilled nursing properties totaling over $26 million dollars. Cambridge has been actively financing skilled nursing homes and assisted living facilities in California for over 15 years and has recently increased its focus in Southern California with the addition of Hymie Barber who manages the regional presence for the company. Some of the recent financing activities include:
- a $14 million, three-year conventional mortgage loan for a portfolio of three assisted living properties located in Glendale and Valley Village, California, the Glen Park East Retirement Community and Glen Park West Retirement Community in Glendale, California., 12 years ago in 1998. The third property included in the transaction is the Laurel Canyon Retirement Community in Valley Village.
- a $4.08 million FHA-insured HUD Lean loan to refinance Wyndham Residence, a 58-unit assisted living property in Arroyo Grande, California
- a $8.6 million FHA-insured HUD Lean mortgage loan for Apple Valley Christian Care Center, a 99-bed skilled-care nursing facility in Apple Valley, California
“The demographics and demand for senior living finance and capital options drives our presence in California based upon the number of operators and facilities there,” said Jeffrey Davis, Chairman of Cambridge Realty Capital. “We also find that the relationship between the providers and the state government in Sacramento is extremely positive which helps drive overall demand for skilled nursing facilities.”