Cambridge Realty Capital helped a couple achieve their dream. Hank and Suzanne Kurtz, owners of the Olivenhain Guest Home in Encinitas, California, aspired to build a community that “provides love, laughter, song, and dance for its memory-impaired residents – no matter how handicapped they become.” The community was purchased with improvements and expansions in 2010. According to Hank Kurtz, Olivenhain Guest Home passed a significant milestone earlier this year – closing on a HUD Lean loan arranged by Cambridge Realty Capital. Because of this loan, the couple was able to refinance a conventional construction loan that allowed them to triple the size of the community (from 5,000 to 15,000 square feet), and increase the number of beds from 17 to 42.
Hank and Suzanne Kurtz consulted Cambridge when they knew nothing about HUD financing. Cambridge changed this and ensured the owners were involved and informed throughout the entire lending process. Hank Kurtz said that the Cambridge staff was exceptionally helpful and understanding of the needs of the small business owner. He says that he “knew nothing about HUD when I met the Cambridge team but now feel like an expert.” The Kurtz’s primary contacts at Cambridge were Vice Presidents Katie Trice and Anthony Marino. An example of Cambridge staff’s superior client service was when Hank Kurtz remained confused following a HUD webinar that was supposed to explain how to submit financial information to HUD. “When the Cambridge staff learned of this, they volunteered to send the information to HUD for us.”
The couple feels that it was their calling to open and run a senior living community dedicated to memory care. Hank is a licensed physical therapist with a master’s degree in health services administration, Suzanne is a licensed Marriage Family Therapist. Both had parents who suffered from cognitive impairment during their senior years. “Cognitive impairment doesn’t change one’s need for love, respect, and dignity. Because it’s difficult to find a warm, caring home for a loved one, we decided to make such a place for others in need. For us it’s not just a job, it’s a calling,” Hank explained.
Residents at the Olivenhain Guest Home enjoy a high degree of freedom and mobility. A large number of the rooms open out onto an outdoor patio, and the property boasts spacious gardens and secured grounds. Staff is on site at all times, and provides National Dementia-researched activities for residents.
Hank Kurtz said he was drawn to Cambridge because of its reputation and experience in the senior living industry, particularly as a leader in the HUD Lean loan space. “Cambridge answered all our questions and met all of our expectations,” Hank said. Cambridge Realty Capital has extensive experience and expertise working with HUD loans. For any questions regarding HUD or any other senior living finance and capital inquiry, contact us today. Our experts are standing by to assist you through the lending process.