OTTAWA, Ill. — Cambridge Realty Capital announced has closed on a $15.3 million, 40-year term loan to finance the construction of the Ottawa Pavilion, a 129-bed skilled care nursing home in Ottawa, Ill.
The Illinois-based Cambridge is a limited liability company that underwrites FHA-insured HUD loans for its property owners. The fully-amortized loan was processed using HUD’s Section 232 funding program. The loan’s interest rate was not made public.
Cambridge Realty Capital Cos. separately announced the completion of refinancing transactions totaling over $7.5 million for two other facilities located in Illinois, the Crystal Pines, a 114-bed skilled nursing home facility in Crystal Lake and a $1.62 million FHA-insured HUD first mortgage loan for Villa Vianney Apartments, a 54-unit age-restricted, market-rate elderly apartment building in Sherman.
The company also reported observing a marked increase in loan requests during the first part of the fourth quarter, processing 27 loan origination requests totaling $505.7 million in October.