Cambridge Realty Capital Companies reports arranging two loans for two properties owned by a single operator. A $2,400,000 HUD Lean loan was granted for North Country Senior Living of Collinsville, Oklahoma, a 125-bed skilled nursing and assisted living facility. Jeffrey A. Davis, Cambridge Chairman, said the fully-amortized, 26-year loan was arranged for the owner, an Oklahoma limited liability company, using the HUD section 232 pursuant to Section 223(f) funding program.
A second HUD Lean loan for $7,482,600 was granted for Heartsworth Senior Living of Vinita, Oklahoma, a 202-bed skilled nursing/assisted living/independent living facility. The fully amortized, 28-year loan was arranged for the same Oklahoma ownership, using the HUD Section 232 pursuant to Section 223(f) funding program. Underwriting both transactions was Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured HUD loans.
North Country Senior Living is comprised of 90 skilled nursing beds and 35 assisted living beds. North Country Senior Living offers both long and short-term stays with skilled nursing support in addition to assisted living options. It provides physical, occupational and speech therapy services for skilled nursing patients. Assisted living residents have access to a variety of services, including weekly housekeeping, laundry, meals, activities and others.
Heartsworth Senior Living is comprised of 127 skilled nursing beds, 25 assisted living beds and 50 independent living beds. Heartsworth offers both long and short-term stays with skilled nursing support, as well as assisted living and independent living. Rehabilitation services include physical, occupational and speech therapy. Assisted living residents have access to a variety of services, including weekly housekeeping and laundry, scheduled transportation, meals activities and others.