Cambridge Realty Capital Companies reports providing a $10,400,000 HUD Lean loan to refinance Oakview Nursing and Rehabilitation and Ridgeview Assisted Living, a dual-facility campus also known as The Views of Burlington, located in Burlington, IA. Andrew Erkes, Cambridge President, said the fully-amortized, 35-year loan was provided for the owner, an Iowa 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. It is the third loan closed in 2022 with commercial mortgage broker Denny Howell of Howell Investment Finance (Ames, Iowa).
Oakview Nursing and Rehabilitation is a 60-bed skilled nursing facility and Ridgeview Assisted Living is a 42-bed facility. Both facilities are located on the campus of The Views of Burlington. Oakview provides skilled nursing care for longer-term residents and rehabilitation services for shorter-term residents after surgery or injury, while Ridgeview offers assisted living services.