Cambridge Realty Capital Provides $6.5M Loan For Senior Housing Development In Pontiac

The asset involved in this transaction is a senior housing facility located at 120 North Deerfield Road in Pontiac. The property comprises a 60-bed supportive living facility that is being renovated, along with a new addition of 20 beds designated for memory care. The total loan amount secured for this construction project is $6,500,000.

Summary of transaction details:

• Property Type: Senior Housing
• Transaction Amount: $6,500,000
• Lender: Zach Scardina - Cambridge Realty Capital
• Loan Type: Construction
• Loan Terms: non recourse, fixed-rate
• Market: Pontiac

The transaction is backed by HUD financing and involves an Illinois-based LLC. The loan provided by Cambridge Realty Capital is specifically structured as a HUD Section 241(a) loan aimed at supporting the expansion and preservation of Medicaid-backed senior housing facilities.