Tony Marino, Cambridge’s Managing Director, reported that Cambridge has provided $52,209,400 in HUD-insured Section 223(F) financing for three Affordable Multifamily properties located in Kentucky and Illinois.
The Kentucky transaction consisted of two senior housing facilities totaling 214 rental units located in Florence, Kentucky; and a 320-unit affordable rental community located in Chicago Heights, Illinois.
Cambridges’ Early rate lock program was utilized, which allowed the Owner to avoid the run-up in interest rates at a fixed cost and secure the underwritten loan amounts, without reduction caused by changing market conditions. Marino stated that “Cambridge’s Early rate lock program allowed the Owner to fully mitigate the risk associated with rising interest rates and contributed to a more predictable and efficient HUD execution, including assurance that these projects raised sufficient funds to complete long-term repairs and efficiencies.”
The Borrowers were Illinois-based and are long-term Cambridge clients.
Privately owned since 1983, Cambridge Realty Capital provides FHA-insured HUD loans and conventional mortgage financing and is one of the nation’s most experienced and trusted HUD lenders.
The company is one of the nation’s leading specialized senior housing and skilled nursing capital providers, with more than 500 closed transactions totaling more than $6.5 billion.
Cambridge has national origination offices in Chicago and Los Angeles, and numerous correspondent and brokerage relationships nationwide. Additional information is available on the Cambridge website, www.cambridgecap.com
