Cambridge Realty Capital Companies reports arranging a HUD Lean loan to refinance Stratford Manor Care and Rehabilitation, a 131-bed skilled nursing care facility located in West Orange, New Jersey. Hymie Barber, Cambridge National Originations Manager, said the fully amortized, 33-year loan was arranged for the owner, a New Jersey limited liability company, using the HUD Section 232 pursuant to Section 223(f) funding program. The loan amount was sufficient enough to replace existing debt and ensure the facility will have the reserves to remain state-of-the-art. Underwriting the transaction was Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured HUD loans.
Stratford Manor Care and Rehabilitation features private and semi-private rooms with cable TV, which are available for short or long-term stays. The facility has numerous common areas, including lounges, an aviary, and an aquarium, as well as a state-of-the-art therapy gym. Stratford Manor offers a number of recreation and entertainment programs for residents. Residents can enjoy restaurant-style dining and gourmet meals prepared by trained chefs. There is also an on-site beauty/barbershop. Skilled medical services include orthopedic rehabilitation, a congestive heart failure program, wound care, TPN, IV Therapy, trauma rehabilitation, cardiac drip, stroke care, and rehabilitation, tracheostomy care, post-surgical care, physical therapy, patient-controlled analgesic pump pain management, cardiac care congestive heart failure program and respite care.
