Uptown in the News
October 1, 2003
CHICAGO-Two intermediate care facilities in the Uptown neighborhood have been refinanced for more than $38 million. The owner of the 450-bed Somerset Place at 5009 N. Sheridan Rd. and the 207-bed Grasmere Residential Home at 4621 N. Sheridan Rd. has new mortgages from Cambridge Realty Capital Cos.
Somerset Place was refinanced with a 35-year loan at 5.63% for $28.8 million, replacing another Cambridge Realty Capital mortgage, property records indicate. The owner, an Illinois limited liability company, paid $11 million for the property in 1999.
Likewise, a $9.5-million loan refinances a Cambridge Realty Capital mortgage obtained in 2000. The property was acquired in 1999 for $4 million.
Both deals were done under HUD's FHA-insured 223(a)7 program, which provides funds to pay any prepayment penalties, closing costs and approved capital improvements, says Cambridge Realty Capital chairman Jeffrey A. Davis.
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