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
- 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.