Brent Holman-Gomez, Cambridge’s Senior Vice President, reported that Cambridge Realty Capital provided $19,315,500 in HUD-insured Section 223(f) financing for two senior housing properties located in Texas and Missouri.
The Texas financing was provided for the purchase of Ashwood Court, a 120-bed assisted living facility located in North Richland Hills.
The Missouri financing was provided for the refinance of Northland Rehabilitation and Healthcare Center, a 118-bed Skilled Care facility in Kansas City, Missouri.
Cambridge’s Early Rate Lock program was utilized, which allowed the Owners to early rate lock before all HUD approvals were obtained. An Early Rate Lock allowed each Borrower to mitigate risk associated with rising interest rates and contributed to a more predictable and efficient HUD execution, including assurance that the financings included sufficient funds to complete long-term repairs and improvements.
