Cambridge Realty Capital Companies reports providing a $12,960,000 HUD Lean loan to refinance Alden Village North, a 150-bed skilled care nursing facility located in Chicago, IL. Jeffrey A. Davis, Cambridge President, said the fully-amortized, 38-year loan was provided for the owner, an Illinois limited liability company, using the HUD Section 232 pursuant to Section 223(a)(7) 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.
Alden Village North specializes in providing care for developmentally disabled individuals. Residents are provided with educational and vocational opportunities and programs based on age, needs, and abilities. Alden Village North also offers day and respite programs. Various therapy programs are available to residents, including speech, occupational, physical, and music therapy.