Cambridge Closes a $13.3 Million Refinance for Nevada Senior Care Facility
Cambridge Realty Capital Companies recently provided a $13.3 million FHA-insured HUD Lean loan to refinance Highland Manor of Elko, a 147-bed skilled nursing and assisted living facility in Elko, Nev. The fully-amortized, 35-year term loan was arranged through HUD’s Section 232/223(f) funding program and was underwritten by Cambridge Realty Capital Ltd. of Illinois. The facility has 112 skilled care beds and 35 assisted living beds.
Ziegler Arranges a $4.8 Million Refinance for Wisconsin Skilled Nursing Center
Ziegler Financing Corporation recently announced that it closed a $4,809,200 refinancing for Maple Ridge Health & Rehab Center, located in Milwaukee, Wisc.
The 155-bed skilled nursing center is owned and operated by Extendicare Health Services, Inc., the U.S. subsidiary of Extendicare REIT.
“The Maple Ridge transaction is part of an overall portfolio financing on behalf of Extendicare,” said Bill Mulligan, President of ZFC. “ZFC utilized the HUD “REIT Rule” which permits 75% of the cash acquisition cost of the facility, plus capital improvements to be refinanced as existing indebtedness.”
Ziegler is working on closing additional loans for Extendicare.
Cambridge Provides $13.3 Million of HUD Refinancing for Nevada Senior Care Center
Cambridge Realty Capital closed a $13.3 million FHA-insured HUD Lean loan to refinance Highland Manor of Elko, a 147-bed skilled nursing and assisted living facility in Elko, Nev. The fully-amortized, 35-year term mortgage was arranged through HUD’s Section 232/223(f) program and was underwritten by Cambridge Realty Capital Ltd. of Illinois. The facility has 112 skilled care and 35 assisted living beds.
Berkadia Originates $11 Million of Refinancing for Washington Seniors Housing Facility
Berkadia Commercial Mortgage LLC recently originated an $11.4 million refinance loan through Freddie Mac’s Senior Housing Mortgage program for Washington Oakes Retirement Community, a 152-unit senior community located in Everett, Wash.
The 10-year, fixed-interest loan was used to refinance the existing mortgage, and also provided additional capital for renovations. The community is owned by Lytle Enterprises and operated by Leisure Care.
ACI Closes $16.1 Million Construction Financing for Florida ALF Development
Advanced Commercial Credit International Limited (ACI) supplied a $16.1 million construction financing for a $20 million senior housing project located in Ocala, Fla. The financing, comprised of $13.6 million of construction debt financing and $2.5 million in mezzanine financing, will be used for a 120-bed assisted living/memory care facility.
Companies featured in this article:
Cambridge Realty Capital Companies, Extendicare REIT, Ziegler
