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MARION, Iowa — Cambridge Realty Capital Cos. has provided a $22.3 million HUD Lean loan to refinance The Views at Marion in the Cedar Rapids suburb of Marion.
The Views at Marion is a continuum-of-care facility with 40 skilled nursing beds, 38 assisted living beds and 34 memory care beds.
The fully amortized, 40-year loan was provided for the owner, an Iowa limited liability company, using the HUD Section 223(a)(7) funding program, which is used to refinance existing HUD loans. The underwriter was Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured HUD loans.