Cambridge Realty Capital Companies reports providing a $15,520,000 HUD Lean loan to refinance The Pointe at Eastgate located in Algonquin, Illinois. Brent Holman-Gomez, Cambridge Senior Vice President, reported that the fully-amortized, 35-year loan was provided for the owner, an Illinois limited liability company, using the HUD Section 232 pursuant to Section 223(f) funding program, which is used to refinance existing HUD loans. Underwriting the transaction was Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured HUD loans.
The Pointe at Eastgate is an assisted living facility for seniors 65 and older who are transitioning from independent living to a more supportive environment. The Pointe at Eastgate offers private apartments and a variety of services, including weekly housekeeping, optional laundry service, medication set-up and reminders, assistance as needed with personal care, grooming and bathing, plus transportation to medical appointments and group outings.
