Cambridge Realty Capital reports providing a $15,355,000 first mortgage loan to refinance Casa de Flores and Bayside Care Center located in Morro Bay, California. Hymie Barber, Cambridge’s National Originations Manager, reported that the fully-amortized, 34-year loan was provided for the owner, a California limited liability company, using the HUD Section 232/223(f) mortgage insurance program.
Cambridge’s Early rate lock program was utilized, which allowed the Owner to avoid the recent run-up in interest rates. Barber stated that Cambridge’s Early rate lock program allowed the Owner to fully mitigate the risk associated with rising interest rates and contributed to a more predictable and efficient HUD execution.
Together, Casa de Flores and Bayside Care form a continuous care community, providing both assisted living and skilled nursing services. Casa de Flores is the assisted living facility, offering apartment-style living with 24-hour on-site staffing. Casa de Flores provides three levels of assistance (independent living, personal care, and personal care plus) and has an on-site physical therapy room. Bayside Care provides the next level in the care continuum, providing on-site skilled nursing care and short-term rehabilitation services.
