Cambridge provides $24 million in HUD Lean loans to refinance two Ohio SNF properties, both Vista Care Center facilities.
Cambridge Realty Capital Companies reports providing two HUD Lean loans totaling $24 million to refinance The Vista Care Center of Lisbon, OH and Vista Center at The Ridge of Mineral Ridge, OH. Jeffery A. Davis, Cambridge President, said the fully amortized, 30 and 35-year loans were provided for the owner, an Ohio limited liability company, using the HUD Section 232 pursuant to Section 223(f) funding program. Underwriting the transaction was Cambridge Realty Capital Ltd. of Illinois. the Cambridge business that specializes in underwriting FHA-insured HUD loans.
The Vista Care Center of Lisbon is a 76-bed mixed-use skilled care and assisted living facility. The Ridge Care Center of Mineral Ridge is a 181-bed mixed-use skilled care and assisted living facility. Both facilities feature private and shared living accommodations, restaurant-style dining and housekeeping and laundry services. Residents have access to a variety of non-medical amenities, as well as on-site healthcare services including dentistry, podiatry, IV therapy, optometry, audiology, psychology and medical imaging.
Vista Care Center details
Privately owned since 1983, Cambridge today has three distinct business units: FHA-insured HUD loans, conventional financing, and investments and acquisitions. The company is one of the nation's leading specialized senior housing and healthcare debt and equity capital providers, with more than 550 closed senior housing transactions totaling more than $5.5 billion.
Cambridge has consistently ranked among the country's top ten FHA-insured HUD lenders over the last 15 years and offers an array of conventional lending options, including permanent construction and interim loans on either a floating or variable rate basis. The company's principal investment strategy includes direct property acquisitions, joint ventures, and sale/leasebacks. The company has acquired 16 facilities totaling approximately $60 million. Cambridge has a national origination office in Los Angeles, and numerous correspondent and brokerage relationships nationwide. Additional information is available on the Cambridge website, www.cambridgecap.com.