CHICAGO, IL--Cambridge Realty Capital Companies has arranged a $1.39 million FHA-insured first mortgage loan to refinance McGill Terrace Apartments (top left photo), a 48-unit apartment complex at 821-829 49th Street in Chicago, Cambridge Chairman Jeffrey A. Davis announced.
Cambridge originally funded the property for the owner, an Illinois limited partnership, in December, 1996. The loan was refinanced using HUD’s 223(a)(7) program for properties with an existing HUD loan.
The fully-amortized, 38-year term loan was underwritten by Cambridge Realty Capital Ltd. of Illinois, the Cambridge business unit that underwrites HUD loans. The interest rate was not announced.
Contact: Evan Washington, Phone: (312) 521-7604, Fax: (312) 357-1611
E-Mail: ew@cambridgecap.com
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