Finance N Illinois

Cambridge secures $7M HUD Lean loan to refinance Pontiac Supportive Living

Cambridge secures 7M HUD Lean loan to refinance Pontiac Supportive Living,ph1

Cambridge Realty Capital Companies reports providing a $7,600,000 HUD Lean loan to refinance Pontiac Supportive Living, a 60-bed supportive living facility, located in Pontiac, Illinois. According to Jeffery A. Davis, Cambridge president, 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. Underwriting the transaction was Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured HUD loans.

Pontiac Supportive Living features eight one-bedroom private apartments and 52 private studio apartments. The facility is staffed with nursing aides 24 hours per day. Amenities include on-site dining, transportation assistance, weekly housekeeping and laundry and regular community activities.