Done Deal: Traditions of Sherman.
Cambridge Realty Capital Companies reports arranging a $4,645,000 HUD Lean loan to refinance Traditions Senior Living & Memory Care, an assisted living and memory care facility, located in Sherman, Texas. Jeffrey A. Davis, Cambridge Chairman, said the fully-amortized, 30-year loan was arranged for the owner, a Texas limited liability company, using the HUD Section 232 pursuant to Section 223(f) funding program, which is used to refinance existing loans. Underwriting the transaction was Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured HUD loans.
Traditions Senior Living & Memory Care is a 54-bed facility. It offers assisted living in well-appointed, apartment-like units with kitchenette and private bath. For those requiring more intensive memory care, units are available with 24-hour staffing. The facility includes a fitness center, dining room, laundromat, and valet laundry service.
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