Cambridge Realty Capital reports providing $3,725,700 to refinance Avalon Memory Care Fort Worth, located in Fort Worth, TX. According to Cambridge Senior Vice President Brent Holman-Gomez, “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.”
Part of a $29.7M financing package for scattered sites, the fully amortized loan was provided for the owners, 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 and other cognitive impairments. It offers a variety of accommodation styles as well as medical and nutritional services and enrichment activities.
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 was able to ‘silo’ the HUD-insured mortgaged properties away from the principals’ other businesses, delivering legal benefits to the borrower, master leasing, and simplifying the ongoing servicing of the loans.” Holman-Gomez added that “we determined the most efficient plan considering facility and location debt service needs and valuation.”
