Cambridge Realty Capital Provides Refi on IL Assisted Living Facility

April 23, 2024April 26, 2024

Cambridge Realty Capital provided a $15.52 million HUD Lean loan to refinance The Pointe at Eastgate, an assisted living facility located in Algonquin, Illinois.

Brent Holman-Gomez, Cambridge Senior Vice President, reported that the fully-amortized, 35-year loan was provided for the owner, an Illinois limited liability company, using 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.

The Pointe at Eastgate is an assisted living facility for seniors 65 and older, and the property offers private apartments and a variety of services. Privately owned since 1983, Cambridge Realty Capital has national origination offices in Chicago and Los Angeles and provides FHA-insured HUD loans and conventional mortgage financing.

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