Refinancing of the property, located on more than two acres at 139th Street and Lydia Avenue, is the most recent nursing home mortgage written by Cambridge Realty Capital. The company recently arranged first mortgage financings for two west suburban nursing homes. The first is a $20.8-million loan on the 225-bed Meadowbrook Manor of Bolingbrook as well as a $16.32-million loan on the 298-bed Meadowbrook Manor in Naperville. The properties, jointly owned by an Illinois limited partnership, were refinanced using HUD Section 223(f). This funding program is used to refinance nursing home loans not previously insured by HUD, according to Jeffrey A. Davis, Cambridge chairman.
The Lydia refinancing replaces a $20-million mortgage held by American National Bank & Trust, according to property records.
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