Tony Marino, Cambridge’s Managing Director, reported that Cambridge Realty Capital has provided $43,360,100 in HUD-insured Section 223(f) financing for four senior housing properties located in Illinois, Washington, and Iowa.
The Illinois transactions consisted of two Affordable rental apartment properties for the elderly totaling 196 units and located in Chicago, Illinois.
The State of Washington transaction was provided to South Pointe, a 42-bed assisted living facility located in Everett.
The Iowa financing was provided to Gardens of Cedar Rapids (pictured), a 112-bed facility in Cedar Rapids which offers Skilled Care, Assisted Living, and Memory Care services in a continuum of care setting.
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.
