Cambridge Realty Capital Companies reports provided a $15.52 million HUD Lean loan to refinance The Pointe at Eastgate seniors housing facility 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 who are transitioning from independent living to a more supportive environment.
