CHICAGO, IL-- Cambridge Realty Capital Companies has provided a $24.2 million FHA-insured permanent mortgage loan to refinance Maple Point Apartments, (top right photo) a 342-unit independent living senior housing community at 150 W. Maple Street on Chicago‘s Near North side.Cambridge Chairman Jeffrey A. Davis (top left photo) said the HUD Section 207 pursuant to Section 223(f) loan was arranged for the property’s owner, an Il
linois not-for-profit corporation.The fully amortized, 35-year term loan was underwritten by Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that underwrites insured HUD loans. The interest rate was not revealed.
Privately owned since its founding in 1983 as a real estate investment banker specializing in commercial real estate properties, Cambridge emerged in the 1990s as one of the nation’s leading senior housing and healthcare debt and equity capital providers, closing more than 300 such transactions totaling more than $2.75 billion since then.
The company is one of the nation's leading HUD 232 FHA / MAP-approved lenders and also has an integrated debt / equity financing strategy that includes direct property acquisitions and joint ventures; sale / leasebacks for clients; conventional and mezzanine debt financing; and acquisition of distressed debt. Additionally, Cambridge offers a wide array of conventional lending options for senior housing / healthcare owners, including permanent construction and interim loans on either a floating or variable rate basis.
The company has a regional office in New York, affiliate office in Los Angeles, and correspondent relationships nationwide. The firm also has established key origination relationships and a dozen or more Internet-based strategies.
Contact:
Contact:
Evan Washington, Phone: (312) 521-7603, Fax: (312) 357-1611,
E-Mail: ew@cambridgecap.com
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