GREENVILLE, SC: Cambridge Realty Capital Companies has closed on a $6.5 million FHA-approved HUD Lean loan to refinance Laurel Baye of Greenville, a 132-bed skilled-care nursing home in Greenville, S.C.
Cambridge Chairman Jeffrey A. Davis said the fully-amortized, 22.7-year term loan was refinanced for the borrower, a South Carolina limited liability company, using the HUD Section 232 pursuant to Section 223 (a ) (7) funding program.
The loan was underwritten by Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in HUD financing. The interest rate was not disclosed.
Privately owned since its founding in 1983 as a real estate investment banker specializing in commercial real estate properties, Cambridge today has three distinctive business units: FHA-insured HUD loans, conventional financing, and investments and acquisitions. The company is one of the nation's leading nursing home, assisted living and healthcare debt and equity capital providers, with more than 400 closed transactions totaling more than $4.5 billion since the early 1990's, when the firm began its specialization in providing senior housing capital.
Cambridge has consistently ranked among the country's top five FHA-insured HUD lenders (now HUD LEAN) 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 and joint ventures, sale/leasebacks, conventional and mezzanine debt financing, and the acquisition of distressed debt.
Cambridge is the creator of The Signature Experience™, a four-step process designed to transform the traditional lender/borrower relationship and identify "ideal" capital solutions for worthy projects. The company has a national origination office in Los Angeles, and numerous correspondent and brokerage relationships nationwide.
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