CBRE refinances assisted living community in Hammonton

Commercial real estate firm CBRE recently announced that, through its FHA lending platform, it has successfully negotiated refinancing for Heritage Assisted Living in Hammonton.Commercial real estate firm CBRE recently announced that, through its FHA lending platform, it has successfully negotiated refinancing for Heritage Assisted Living in Hammonton.

Vice President Nick Harris and Senior VP Mark Tran organized the transaction.

“I attempted to refinance a couple years ago with a different HUD lender, but they failed to get the proceeds promised,” Ed Zirbser, the owner and operator of the project, said. “This time around, CBRE was successful in not only taking out my bank loan but also paying off the majority of an old personal loan to the property. The CBRE team made what was sometimes a complicated process into a manageable one.”

Heritage Assisted Living is a 79-unit residential care facility located at 45 Route 206, Hammonton. The loan obtained for the facility was funded through HUD’s Section 232/223(f) program and provided a 35-year fully amortizing fixed-rate loan with a non-recourse structure.

CBRE is a direct FHA lender for both multifamily and health care.