June 13, 2013
Cambridge Arranges $10.2 Million In HUD Loans To Refinance Four Nursing Homes In California And Utah
Cambridge Realty Capital Companies reports arranging $10.2 million in HUD Lean loans to
refinance four skilled nursing home properties owned by North American Health Care, Inc. in California and Utah.
Cambridge Chairman Jeffrey A. Davis said the fully-amortized loans were arranged for the owner using HUD’s Section 232 pursuant to Section 223(a)(7) funding program, which is used to refinance existing HUD loans. Underwriting the transaction was Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured HUD loans.
Coordinating the transaction for the company was Hymie Barber, National Originations Manager and Managing Director of Catalyst/Cambridge Healthcare Finance in Los Angeles, the company’s West Coast affiliate. Combined, the refinanced loans saved the owner $250,000 in mortgage payments annually, Barber said
Included in the North American portfolio was:
- Pacifica Nursing and Rehabilitation, a 68-bed skilled care nursing home in Pacifica, Calif. Loan total: $2.08 million.
- Coventry Court, a 97-bed skilled nursing home in Anaheim, Calif. Loan total: $2.2 million.
- Garden View, a 97-bed skilled nursing home in Baldwin Park, Calif. Loan total: $2.3 million.
- Orchard Park Care Center, an 89-bed skilled care nursing home in Orem, Utah. Loan total: $2.5 million.