Cambridge Realty Capital reports providing $15,011,200 to refinance Avalon Memory Care Arlington, located in Arlington, TX. According to Cambridge Senior Vice President Brent Holman-Gomez, the new mortgage consolidates four facilities into a single long-term fixed rate debt structure.
The fully amortized loan was provided for the owner, a Texas limited liability company, using the HUD Section 232 pursuant to Section 223(f) 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.
Avalon Memory Care provides assisted living services to people with dementia, including Alzheimer’s disease and other cognitive impairments. It offers a variety of accommodation styles as well as medical and nutritional services and enrichment activities.
Part of a $29.7M loan package, Holman-Gomez stated that the borrower desired non-recourse loans to replace mortgage debt obligated by 8 facilities on scattered sites of the Dallas-Fort Worth metroplex. “Cambridge determined the most efficient plan to finance, considering facility and location debt service needs and valuation.” He added, “Avalon Memory Care required low-cost mortgage financing with efficient interest rates; Cambridge delivered what others wouldn’t with mortgages including MIP at near 6% fixed for 35 years.”
