Cambridge Investment and Finance Co. reports that it has refinanced its portfolio of four SunRidge Senior Living properties in El Paso, Tex., in a move calculated to extend an existing loan’s term and take advantage of lower interest rates.
Cambridge Investment and Finance is the investment arm of Chicago-based Cambridge Realty Capital Companies, one of the nation’s leading senior housing/healthcare lenders. Cambridge Senior Vice President Brent Holman-Gomez said Cambridge Investment and Finance manages the private equity group that has owned the four El Paso properties since 2011.
A $30 million, four-year term loan was arranged for the properties with a national bank, he said.
“Taking advantage of today’s low interest rate environment, we were able to secure the advantageous loan terms for an additional 6 years, lower our interest rate one-half of 1% basis points, and gain potential for future fundings from the lender,” he added.
Mr. Holman-Gomez says the SunRidge Senior Living portfolio consists of SunRidge at Cambria, SunRidge at Cielo Vista, SunRidge at Desert Springs and SunRidge at Palisades. The properties are located within 25 miles of each other in El Paso and house a combined 300 Independent Living, Assisted Living and Memory Care units.
The SunRidge properties are managed by 12 Oaks Senior Living, a Dallas-based property management company.
“Cambridge acquires properties on a nationwide basis using either sale/leaseback or property management arrangements. Our acquisitions tend to be focused in secondary or tertiary markets that have strong business environments and outstanding growth potential for senior housing,” he said.