Long Island Senior Community Receives $10M HUD Loan
Located 45 minutes from Manhattan, Birchwood Suites in East Northport, N.Y., landed the refinancing loan through HUD’s Section 232 pursuant to Section 223(f) funding program.
Birchwood Suites
Cambridge Realty Capital Cos. has secured a $10.4 million HUD Lean loan for the refinancing of Birchwood Suites, a 92-bed senior housing property in East Northport, N.Y. The community includes assisted living, memory care and independent living units.
According to Cambridge Chairman Jeffrey Davis, the company arranged the 26-year, fully amortized financing through HUD’s Section 232 pursuant to Section 223(f) funding program. Cambridge Realty Capital Ltd., which specializes in FHA-insured HUD transactions, underwrote the deal.
Birchwood Suites is located at 423 Clay Pitts Road, in a residential neighborhood of Long Island. Interstate 495 is a nine-minute drive away, while Manhattan is roughly 45 miles from the property. The pet-friendly community provides:
- full-service salon
- laundry
- medical services, such as optometry, audiology and psychiatry
- beach and harbor visits
- exercise options
Last month, Cambridge arranged a $32.8 million HUD loan for the purchase and partial upgrade of Zion Towers, a 211-unit senior community in Baltimore. The non-recourse loan has a 35-year term.
Image courtesy of Cambridge Realty Capital Cos.
