Cambridge Realty Capital Companies reports arranging an $11,139,500 HUD Lean loan to refinance Pine Acres Healthcare & Rehabilitation Center, a 102-bed skilled nursing care facility located in Madison, NJ. Hymie Barber, Cambridge Realty Capital’s National Originations Manager, said the fully amortized, 30-year loan was arranged for the owner, a New Jersey limited liability company, using the HUD Section 232 pursuant to Section 223(f) funding program. Underwriting the transaction was Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured HUD loans.
Pine Acres is a long-term care facility and rehabilitation center. It offers a variety of post-operative services, including IV therapy, tracheostomy care, wound care, stroke care, orthopedic and trauma rehabilitation, pain management and physical therapy. Facility amenities include private and semi-private rooms, cable TV, Wi-Fi, concierge service, restaurant-style dining, on-site beauty/barber shop, recreational room, activities and entertainment.