Broker Touts Long-Term Relationship With Cambridge
Healthcare Properties of Illinois President and Founder Nick Adkins believes in sticking with a good thing.
"About 15 years ago I made an important career decision to leave banking and strike out on my own as a commercial real estate broker specializing in senior housing/healthcare properties.
"The other important decision I made was to place a phone call to Cambridge Realty Capital Companies," he recalls.
"At the time, Cambridge already had developed a reputation as one of the most knowledgeable lenders in the healthcare financing field. From a modest beginning our relationship with the company has strengthened over time," he said.
Working with Cambridge, Healthcare Properties of Illinois has secured more than $100 million in financing for skilled nursing homes, assisted living facilities, independent retirement communities and residential homes for the developmentally disabled. Most of this activity has been in the state of Illinois but the company also has worked on deals in South Carolina, Florida, Iowa, Wisconsin and Nevada.
Over the years, Adkins' primary contact at Cambridge has been Cambridge Realty Capital Company of Illinois President Andy Erkes and his team of underwriters.
"Usually, companies choose to work together for mutually beneficial business reasons, and this is certainly important in our case. However, interestingly enough, with Cambridge it's the quality of people that has kept the working relationship strong.
"Cambridge has reached the point where it has become a household name for those who understand and follow this particular industry. But apart from being No. 1, the Cambridge staff is honorable and the company's integrity and honest work ethic has been proven time and time again.
"As a broker, I personally never have a problem selling Cambridge's name to my clients," he added.
Adkins likes the long-term outlook for the senior housing/healthcare industry.
"The industry continues to change. In a major development we're seeing more continuing care retirement communities with healthcare complexes and individual homes. With the baby boomers aging, the expectation is that there will be a big upsurge in demand for senior housing and other healthcare facilities for seniors. I expect the industry to grow and grow rapidly," he said.
Cambridge Chairman Jeffrey A. Davis said the company currently is working on an 11-property portfolio with Healthcare Properties of Illinois.
"This has been an exceptional business relationship. Healthcare Properties of Illinois is dedicated to serving the senior housing/healthcare industry and has shown this through a sustained effort that has spanned many years. Nick Adkins has consistently valued the relationship and valued our feedback. His strong sense of loyalty to Cambridge has inspired us to make an even stronger commitment to working with him," Davis said.