Cambridge Realty Capital Companies reports providing a $3,240,000 HUD Lean loan to refinance Kadie Glen Assisted Living, a 62-bed assisted living facility located in Wenatchee, WA. Hymie Barber, Cambridge Realty Capital’s National Originations Manager, said the fully-amortized, 32-year loan was provided for the owner, a Washington 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.
Kadie Glen is located in a charming, quiet neighborhood close to shopping and other services and amenities. It offers spacious, pet-friendly living suites with kitchenette and in-suite emergency call system, outdoor patios, on-site laundry and 24-hour security. Kadie Glen arranges transportation to and from appointments and provides on-site activities and social opportunities for its residents.
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 500 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 $60,000,000. Cambridge has a national origination office in Los Angeles, and numerous correspondent and brokerage relationships nationwide.