PONTIAC, Ill. — Cambridge Realty Capital has provided a $6 million loan to fund the construction of a memory care addition at The Pointe at Pontiac in central Illinois. The borrower is an Illinois-based limited liability company (LLC).
The Pointe at Pontiac currently comprises 60 beds of supportive living, the Illinois version of Medicaid Waiver assisted living. The State of Illinois provides Medicaid funding to seniors age 65 and older who would otherwise not have the resources to reside in an assisted living facility.
In addition to the new memory care units, proceeds from the loan will be used to fund improvements and repairs to the existing building.
The construction loan is insured by the U.S. Department of Housing and Urban Development (HUD) under its Section 241(a) program. Upon completion of construction, the loan will convert to a 35-year fixed-rate, non-recourse permanent loan.