Cambridge Realty Capital reports providing a $29,200,000 first mortgage loan to refinance Aravilla Sarasota located in Sarasota, Florida. Tony Marino, Cambridge’s Managing Director, reported that the fully amortized 35-year loan was provided for the owner, a Florida limited liability company, using the HUD Section 232/223(f) mortgage insurance program.
Cambridges’ Early rate lock program was utilized, which allowed the Owner to avoid the recent run-up in interest rates. Marino 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.
Aravilla Sarasota is a vibrant and caring community providing its residents with an engaging menu of daily activities and freshly prepared food in well-appointed dining rooms. The resort-like community provides assisted living and memory care services and is regarded as the premiere assisted living facility in the Sarasota market.