21
CRYSTAL LAKE, ILL. — Cambridge Realty Capital has closed a $6.03 million HUD Lean loan to refinance Crystal Pines, a 114-bed skilled nursing home in Crystal Lake. The fully-amortizated, 30-year term loan was underwritten by Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that underwrites HUD loans. The lender used the HUD Section 232 pursuant to HUD Section 232(a)(7) funding product, which is used to refinance properties with existing HUD loans. The borrower was the property's owner, a Missouri limited liability company.