Cambridge Provides HUD Loan To Refinance The Cahokia Nursing And Rehabilitation Center In Cahokia, IL
Cambridge has provided a $3.9 million HUD first mortgage loan to refinance the Cahokia Nursing and Rehabilitation Center, a 150-bed skilled care nursing facility in Cahokia, Ill.
Cambridge Chairman Jeffrey A. Davis said the fully amortized, 35-year term loan was arranged for the property’s owner, an Illinois limited liability company, using HUD’s Section 232 pursuant to Section 223(a)(7) funding program. This program is for owners refinancing an existing HUD loan.
The loan was underwritten by Cambridge Realty Capital Ltd. of Illinois, the company’s HUD underwriting business. The interest rate was not disclosed.