$10.9M HUD Loan Funds Purchase of Manor Court of Peoria in Illinois

Cambridge Realty Capital Companies has closed a $10.9 million FHA-insured HUD Lean mortgage loan to fund the purchase of Manor Court of Peoria, (top left photo) a 118-bed combination skilled nursing and assisted living property located in Peoria, IL.

Cambridge Chairman Jeffrey A. Davis (bottom right photo) said the property offers residents 50 skilled care and 68 assisted living beds. The fully-amortized, 35-year term loan was arranged for the property’s owner, an Illinois not-for-profit corporation, using HUD‘s Section 232 pursuant to Section 223(f) -Lean funding program.

The loan was underwritten by Cambridge Realty Capital Ltd. of Illinois, the Cambridge subsidiary responsible for underwriting FHA-insured HUD loans.

HUD’s new Lean program has introduced sweeping changes in the way HUD loans are processed and approved. Responsibility for processing HUD loans has been shifted from HUD field offices to FHA’s Office of Insured Health Care Facilities (OIHCF) in Washington, D.C., which provides a single source for program and policy development and a more consistent and user-friendly platform for borrowers and lenders.

HUD’s goal is to process loans on a timetable that more closely resembles the timing for conventional loans, Davis said.

The firm also has embraced social media and networking via Twitter at http://twitter.com/cambridgecap , via Facebook at http://www.facebook.com/pages/Chicago-IL/Cambridge-Realty-Capital-Companies/19132944489, and via Linkedin at http://www.linkedin.com/companies/454232 , where information on the firm and its employees can be found.

Contact:: Evan Washington, Phone: (312) 521-7603, Fax: (312) 357-1611