Tuesday, August 10, 2010

Cambridge Realty Capital Provides $4.08M Lean Mortgage Loan to Refinance Arroyo Grande, CA Assisted Living Property

CHICAGO, IL--Cambridge Realty Capital Companies reports closing a $4.08 million FHA-insured HUD Lean loan to refinance Wyndham Residence, a 58-unit assisted living property in Arroyo Grande, Calif.

Cambridge Chairman Jeffrey A. Davis (middle right photo)  said the fully-amortized, 34-year term loan was arranged for the borrower, a California limited liability company, by National Originations Manager Hymie Barber (middle left photo)  in the company’s West Coast office.

Underwriting was by Cambridge Realty Capital Ltd. of Illinois, the Cambridge business unit that specializes in HUD Lean financing. The interest rate was not disclosed.

Davis said the lender used HUD’s Section 232 pursuant to Section 223(f) funding program for borrowers refinancing earlier HUD loans.
Cambridge is the creator of The Signature Experience™, a four-step process designed to transform the traditional lender/borrower relationship and identify “ideal” capital solutions for worthy projects. The company has a national origination office in Los Angeles, and numerous correspondent and brokerage relationships nationwide.

Cambridge publishes the bi-monthly e-PULSE!(R) electronic newsletter, which delivers company news and feature stories via e-mail to corporate friends and clients.

Additional information is available on the Cambridge website, http://www.cambridgecap.com/,
 and Cambridge can be reached 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/CambridgeCap

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