Cambridge Provides $12.5M FHA-Insured HUD Mortgage Loan to Refinance The Ponds in Linconshire, IL

CHICAGO, IL--Cambridge Realty Capital Companies reports closing a $12.5 million FHA-insured first mortgage loan to refinance The Ponds, (top left photo) a 116-bed assisted living facility in Lincolnshire, IL.

Cambridge Chairman Jeffrey A. Davis (middle right photo)  said the loan was originated by mortgage broker and consultant Rick Lynn of RML Financial for the borrower, an Illinois limited liability company.

 The fully amortized, 33-year term loan was underwritten by Cambridge Realty Capital Ltd. of Illinois using HUD’s Section 232 pursuant to Section 223(f) funding program.

Davis said The Ponds is part of an upscale continuing care community located on a wooded 20-acre site in Lincolnshire, a northern Chicago suburb. The complex also includes The Wealshire, a 144-bed skilled nursing home facility.

Davis said Cambridge and Northbrook-based RML Financial also teamed to arrange permanent HUD financing for The Wealshire property in December 2007.

The Ponds loan application was processed using the new Lean management concept that has introduced sweeping changes in the way HUD loans are processed and approved. HUD’s goal is to process loans on a timetable that more closely resembles the timing for conventional loans, he noted.

As part of the change, responsibility for processing HUD loans has shifted from HUD field offices to FHA’s Office of Insured Health Care Facilities (OIHCF) in Washington, D.C.

In place today is a single source for program and policy development, and a more consistent and user-friendly platform for borrowers and lenders, Davis said.

For additional information, contact Cambridge at (312) 357-1601 or via e-mail to info@cambridgecap.com.

Contact:  Evan Washington, Phone: (312) 521-7603, Fax: (312) 357-1611, E-Mail:, ew@cambridgecap.com, Twitter: http://twitter.com/CambridgeC