Cambridge Realty Capital Companies reports providing a $3,111,000 HUD Lean loan to purchase Maple Creek of Lakewood, a 75-bed assisted living facility, located in Lakewood, WA. Jeffery A. Davis, Cambridge President, said the fully amortized, 30-year loan was provided for the Oregon owner’s managing members, Maple Creek Venture, LLC, and Dr. Christian A. Mason, 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. Davis noted that this loan was applied for, approved, and closed during the COVID-19 pandemic.
Maple Creek of Lakewood offers a variety of living quarters, including one-bedroom, private studio, private room with shared bath, and shared room/shared bath plans. Additionally, it offers different assisted living service plans to meet the unique and varying needs of 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.