Cambridge Realty Capital Companies reports providing a $22,267,500 HUD Lean loan to refinance The Views at Marion, a 112-bed mixed-use facility located in Marion, IA. Andrew L. Erkes, Cambridge President, said the fully amortized, 40-year loan was provided for the owner, an Iowa 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.
The Views at Marion is a continuum of care facility with 40 skilled-care beds, 38 assisted living beds, and 34 memory care beds. The Views at Marion offers skilled nursing and rehabilitation services and memory care in a specially designed memory care village setting. It also provides assisted living services which allows those who do not require round-the-clock skilled care to continue living independently while having access to amenities and recreation programs.