SKOKIE, IL-Two north suburban nursing homes have been refinanced. Both deals, involving facilities with a total of 171 beds, were arranged by Chicago-based Cambridge Realty Capital Cos.
The 90-bed Alden North Shore in Skokie was refinanced for $8.4 million while the 81-bed Alden Estates of Evanston nursing home and sheltered care facility was refinanced for $8 million. The Skokie property at 5050 W. Touhy Ave. was refinanced with a 40-year, HUD 223(a)7 loan while a 35-year term was used to refinance the facility at 2520 Gross Point Rd. in Evanston under the same program, which allows existing HUD loans to be refinanced.
Cambridge Realty Capital chairman Jeffrey A. Davis says his company has seen a 51% jump in loan requests this summer compared to 2004. "Apparently, borrowers are encouraged by favorable mortgage interest rates that have defied gravity to remain at affordable levels," Davis says.
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