Cambridge Realty Capital Companies reports providing a $21,200,000 HUD Lean loan to refinance The Abington of Glenview, a skilled care nursing home located in Glenview, IL. Jeffrey A. Davis, Cambridge Chairman, said the fully-amortized, 35-year loan was arranged for the owner, an Illinois limited liability company, using the HUD Section 232 pursuant to Section 223(f) funding program. Underwriting the transaction was Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured HUD loans.
In November 2017, Cambridge facilitated with one of its Signature Lending Partners a bridge loan to allow ownership to acquire The Abington, which they had been operating for the prior nine months under a lease. Once the bridge loan funded, Cambridge began working with ownership to provide the HUD permanent mortgage loan. This “Bridge to HUD” loan program was a record turnaround from bridge to permanent loan for the owners.
The Abington of Glenview is a 144-bed skilled care nursing home. It offers a variety of medical and support services, including post-operative recovery, wound care, colorectal care, respite care and a Progressive Supranuclear Palsy (PSP) support group.