Sandy River Company Vice President Daniel Maguire had his doubts.
He and his team knew a few things about securing popular HUD 232 funding for skilled nursing home properties and wasn’t sure how well a Chicago-based company would be able to work with his regional HUD office in Manchester, New Hampshire.
Mr. Maguire says that in the 1990s, the company was known as Sandy River Health System and owned and operated a portfolio of nursing home properties in the New England area.
“When a Boston consulting firm recommended Cambridge to us, Sandy River already had done about 20 HUD loans and believed we had a good understanding of the process. But it was immediately clear that Cambridge brought something extra to the table.
“We had some concerns about how well a Chicago company would be able to work with our regional HUD office in Manchester, but a single transaction was all it took for our local HUD office to realize that Cambridge fully understood the way the process is supposed to work.
“Cambridge went on to refinance other properties in our portfolio, and the documents submitted to the HUD office were thoroughly and completely put together,” he added.
Mr. Maguire says Sandy River sold its operating companies to Genesis Healthcare in 2007 but partners in the firm continue to own the real estate and lease the buildings to Genesis. And the company also has morphed into a full service consulting and advisory development firm that draws upon its many years of experience in the healthcare industry.
Cambridge is still in the picture, with an agreement to provide HUD 232 funding to Sandy River clients in the New England area, he added.