Alden Gains $72M for Six Chicago Senior Facilities

CHICAGO—Alden Health Care & Senior Living has gained $72.1 million in first mortgage loans for six facilities in the Chicago area.

Cambridge Realty Capital Cos. provided the FHA-insured, Housing and Urban Development Lean mortgage loans, which were refinanced using HUD's program for borrowers with existing HUD loans. The fully-amortized, 35- and 40-year term mortgages were underwritten by Cambridge Realty Capital Ltd. of Illinois.

Cambridge Chairman Jeffrey Davis said the largest of the six loans was $18.7 million and refinanced Alden Des Plaines, a 152-bed skilled care nursing and assisted living facility in Des Plaines. The smallest loan, $3.6 million, refinanced Alden Bloomingdale, a 48-bed intermediate care facility in Bloomingdale.

The other properties funded included Alden Village, a 119-bed skilled pediatric care facility for $15.2 million; Alden Wentworth, a 300-bed skilled care nursing facility in Chicago for $10.6 million; Alden North Shore, a 93-bed skilled nursing facility in Skokie for $11.5 million; and Alden Barrington, a 150-bed skilled care facility in Barrington for $14.5 million. Alden owns and operates 44 healthcare properties in Illinois, Indiana and Wisconsin.

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