Cambridge Realty Capital Companies has provided a $9.04 million loan insured by the Federal Housing Administration to refinance Brittany House, a 126-bed assisted living facility in Long Beach, Calif.
Brittany House is a part of Health Care Group Activcare Residential Alzheimer’s Care Community. Based in San Diego, the group manages nine senior housing facilities that provide more than 1,700 accommodations and employs over 1,200 people.
Cambridge Chairman Jeffrey A. Davis said the fully-amortized, 34-year term loan was coordinated by National Originations Manager Hymie Barber for the property’s owner, a California limited liability company.
Brittany House chose to go with the Department of Housing and Urban Development’s Section 232 program to refinance the loan. The program continues to gain popularity and should continue after HUD chose to provide additional resources to support the growing demand.