BURLINGTON, Iowa — Cambridge Realty Capital Cos. has provided a $10.4 million HUD Lean loan to refinance Oakview Nursing and Rehabilitation and Ridgeview Assisted Living, a dual-facility campus also known as The Views of Burlington.
Located in Burlington, just across the Mississippi River from Illinois and just north of the Missouri border. Oakview Nursing and Rehabilitation is a 60-bed skilled nursing facility and Ridgeview Assisted Living is a 42-bed facility.
Andrew Erkes, Cambridge president, says the fully amortized, 35-year loan was provided for the owner, an Iowa limited liability company. Cambridge Realty Capital Ltd. of Illinois underwrote the transaction. It is the third loan closed in 2022 with commercial mortgage broker Denny Howell of Howell Investment Finance.