Cambridge Realty Capital Companies reports arranging a $20,000,000 Signature Bridge Loan and $1,000,000 asset based loan (ABL) to finance the acquisition of The Abington, a 192-bed skilled care facility located in Glenview, Illinois. Cambridge Chairman Jeffrey Davis said the loans were arranged for the borrower, who wanted to exercise their purchase option to acquire the facility. The owners had been operating under the lease for only nine months.
The Abington’s operators approached Cambridge due to their long-term relationship with the firm and their desire to purchase the facility based on an option in its lease. Since the operators had only been putting their unique culture to work at the facility for nine months, the short history was a challenge for Cambridge. “There were some challenges for sure,” noted Davis. “However, based on our relationship with the borrower and relationships with various Signature Bridge Lenders that we work with, we felt that we could make this deal happen.”
The operators were able to achieve their goals of maximum financing and an extremely competitive interest rate. Additionally, the loan significantly reduced their debt service payments. The financing facilitated by Cambridge with its Signature Bridge Lender also included a minimal down payment, excess capital for improvements to be made, and a lender who totally understands the value-added ingredients that the operators bring to the facility. Above all, the operators wanted an institution they could build a long-term relationship with and who understood the unique ingredients that both the lender and Cambridge could bring to the transaction. “The new owners were able to secure that relationship and then some from Cambridge,” Davis states, “and this transaction was a win-win for everybody.”