Cambridge Realty Provides $28.4M in HUD Financing for Skilled Nursing Portfolio in Ohio

The Suites at Continuing Healthcare in Niles, Ohio. The Suites at Continuing Healthcare in Niles, Ohio.

NILES and MILAN, Ohio — Cambridge Realty Capital Cos. has provided HUD loans for three Continuing Healthcare-owned skilled nursing facilities in Ohio.

The deals included a $6.1 million loan to refinance The Suites at Continuing Healthcare in Niles; a $6.4 million loan to refinance Continuing Healthcare of Milan in Milan; and a $15.9 million loan to refinance Continuing Healthcare of Niles in Niles. The Suites at Continuing Healthcare in Niles is an assisted living facility. Both Continuing Healthcare of Niles and Continuing Healthcare of Milan are skilled nursing facilities. Milan is located between Cleveland and Toledo, while Niles is near the Pennsylvania border between Cleveland and Pittsburgh.

The loans are fully amortizing, with two featuring 35-year terms and one featuring a 33-yeaer term. The transactions were part of a recent transaction where the operator took over ownership of the three buildings.

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