Cambridge Arranges $16.5M HUD Refinance for Skilled Nursing Facility in Illinois

by Jeff Shaw

ELMWOOD, Ill. — Cambridge Realty Capital Cos. has arranged a $16.5 million HUD Lean loan to refinance Elmwood Care, a skilled care nursing facility in Elmwood.

Elmwood Care is a privately owned, 235-bed community founded in 1983.

The fully amortized, 32-year loan was arranged for the owner, an Illinois limited liability company, using the HUD Section 232 pursuant to Section 223(f) funding program. Cambridge Realty Capital Ltd. of Illinois, Cambridge’s HUD-specialty branch, underwrote the loan.

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