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DBBM provides $14 million in FHA financing.

DEUTSCHE BANK BERKSHIRE MORTGAGE (DBBM), Boston, has provided a $14 million Federal Housing Administration-insured (FHA-insured) loan for the refinance of Cypress Meadows Assisted Living Facility, a 110-unit licensed facility in Antioch, California.

DBBM used FHA's 232(f) program for the loan, which allows for one-step processing under HUD's Multifamily Accelerated Processing (MAP) delivery system. FHA's 232(f) program provides loans for acquisition or refinance of health-care facilities such as assisted-living or skilled nursing homes. The loan was structured to be a 35-year self-amortizing, nonrecourse financing and was funded to 85 percent of value.

Cypress Meadows Assisted Living Facility provides services and apartments to assisted-living and Alzheimer's occupants. Amenities include laundry rooms, activity rooms, a beauty salon, outdoor patio, a nursing office and main and private dining rooms.
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Title Annotation:Commercial; DEUTSCHE BANK BERKSHIRE MORTGAGE; Federal Housing Administration
Publication:Mortgage Banking
Article Type:Brief Article
Date:Feb 1, 2005
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