Nursing home financings.Cambridge Realty Capital Companies has provided $12.1 million in FHA-insured HUD HUD - Department of Housing & Urban Development (US government) HUD - Heads Up Display HUD - Hold-Up Depth financing to fund the purchases of two separate skilled nursing home/ assisted living facilities in Pekin Pekin (pē`kĭn), city (1990 pop. 32,254), seat of Tazewell co., central Ill., a port on the Illinois River; inc. 1839. A processing, rail, and shipping point in a grain, livestock, and dairying area, Pekin has a large food industry. Metal and paper products, chemicals, and feeds are also produced. and Pittsfield Pittsfield, city (1990 pop. 48,622), seat of Berkshire co., W Mass., between mountain ranges, on branches of the Housatonic River; inc. as a town 1761, as a city 1889. The city is the metropolis of the Berkshire resort area. Once a farming community, it developed industrially in the 19th cent. as a result of plentiful water power. Electrical items and textiles, plastics, concrete, and foundry products are manufactured., Illinois. Cambridge chairman Jeffrey A. Davis said Cambridge provided a $6.48 million HUD loan to fund the purchase of Pekin Manor, a 132-bed, non-profit property in Pekin. A $5.6 million HUD loan was used to purchase Pittsfield Manor, a 103-bed non-profit facility in Pittsfield. Davis said both loans were underwritten by Cambridge Realty Capital Ltd. of Illinois for the properties' common owner, an Illinois limited liability company. The loans were secured using HUD's Section 232 pursuant to Section 223(f) program with the Pittsfield Manor loan a fully-amortized 33-year term loan and the Pekin Manor loan a fully-amortized 33-year loan. The interest rate was not disclosed. |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion