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GLENVIEW, Ill. — Cambridge Realty Capital Cos. has arranged a $20 million bridge loan and $1 million asset-based loan to finance the acquisition of The Abington, a 192-bed skilled nursing facility in the Chicago suburb of Glenview.
The borrower is the operator of the community, which is using its purchase options after nine months under a lease with the seller.
In addition to financing the acquisition, the new loans reduce the debt service payments for the borrower and provide capital for improvements to the facility.