Cambridge Realty Capital Companies reports arranging a $10,068,400 HUD Lean loan to refinance the Santa Anita Convalescent Hospital located in Temple City, CA. Jeffrey Davis, Cambridge Chairman, said the fully-amortized, 30-year loan was arranged for the owner, a California corporation, using HUD 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. The loan was coordinated by Hymie Barber, the National Originations Manager for Cambridge and the Managing Director of Catalyst/Cambridge Health Care Finance in Los Angeles.
Santa Anita Convalescent Hospital is a 541-bed facility offering skilled nursing care and assisted living. There are 391 skilled nursing care beds and 150 assisted living beds.