February 15, 2013
A Done Deal: $10.7 Million HUD Lean Loan To Refinance The Wealshire Skilled Care Nursing Home
Cambridge Chairman Jeffrey A. Davis said the fully-amortized, 35-year term loan was arranged for the owner, an Illinois limited partnership, using the HUD 232 pursuant to Section 223(a)(7) funding program. Underwriting the loan was Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured HUD loans. The loan was originated by Rick Lynn of Marcus & Millichap. The interest rate was not announced.