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PFLUGERVILLE, Texas — Cambridge Realty Capital has provided a $2.1 million first mortgage loan to refinance Wells Point Lodge in Pflugerville, a suburb of Austin.
Wells Point Lodge is a 60-bed assisted living community.
Anthony Marino of Cambridge reports that the fully amortizing, 35-year loan was provided for the owner, a Texas limited liability company, using the HUD Section 232/223(f) mortgage insurance program.
Cambridge’s early rate lock program was utilized, which allowed the owner to avoid the recent run-up in interest rates.