Cambridge Realty Capital Companies reports providing a $14,015,400 HUD Lean loan to refinance Alden Estates of Northmoor, a 198-bed skilled care nursing facility located in Chicago, IL. Jeffrey A. Davis, Cambridge President, said the fully-amortized, 32-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 Estates of Northmoor specializes in rehabilitation services, offering programs in orthopedic, cardiac, and neurorehabilitation as well as post-acute care. Alden Estates of Northmoor is one of several facilities under the Alden umbrella in the Chicago area.