CHICAGO, IL--As the best performing sector in the commercial real estate sector by far, senior housing/healthcare operators have plenty to feel good about as the economy continues to lurch along at a less than satisfying gait.
Despite the continuing credit and global economic crisis, Cambridge Realty Capital Companies Chairman Jeffrey Davis (top right photo) describes “an almost fantasy-like, positive environment” at the 20th annual NIC Conference meeting held recently in Chicago.
The industry has been surprisingly resilient despite continuing credit woes. For some, the euphoria appears to be “a function of the (approximately) $110 billion in federal government stimulus spending for Medicaid patients in skilled nursing home facilities,” he noted.
Cambridge is one of the nation’s leading senior housing/healthcare lenders, with more than $3 billion in closed transactions. An FHA-approved HUD Lean lender, the company also offers conventional funding options and is active in property acquisitions, joint ventures and sale/leaseback transactions through its Cambridge Investment and Finance Co. subsidiary.
Although many businesses appear to be doing well, Davis points out that the capital needed to fund growth and expansion remains in short supply. At this time, funding is primarily coming from HUD (nursing homes) and from Fannie Mae and Freddie Mac (assisted living and independent living facilities).
Contact:
Evan Washington
Phone: (312) 521-7604
Fax: (312) 357-1611
E-Mail: ew@cambridgecap.com
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