Cambridge Arranges $8.46M HUD Construction and Permanent Mortgage Loan for Alden Estates of Skokie, IL

CHICAGO, IL--Cambridge Realty Capital Companies has arranged a 12-month construction and 40-year FHA-insured permanent mortgage loan for Alden Estates of Skokie (top left photo), a 56-bed skilled nursing home facility in Skokie, Ill.

Cambridge Chairman Jeffrey A. Davis (lower right photo)  said the $8.46 million HUD Section 232 loan will refinance and fund substantial rehabilitation work at the property.

The fully-amortized loan was arranged for the buyer, an Illinois limited liability company, and underwritten by Cambridge Realty Capital Ltd. of Illinois, the Cambridge business unit that underwrites HUD loans.

The interest rate was not disclosed.

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.

Contact:
Evan Washington, Phone: (312) 521-7604, Fax: (312) 357-1611, E-Mail: ew@cambridgecap.com