CHICAGO, IL--Cambridge Realty Capital Companies reports closing an $11.6 million FHA-insured HUD Lean loan to refinance Orchard Villa I, a 164-bed skilled- care nursing facility in Oregon, Ohio.
Cambridge Chairman Jeffrey A. Davis said the fully amortized, 34-year term loan was arranged for the property’s owner, an Ohio corporation, by Cambridge Realty Capital Ltd. Of Illinois, the Cambridge business entity responsible for underwriting HUD loans.
The first mortgage loan was funded using the HUD Section 232 pursuant to Section 223(a)(7) Lean program, which is used to refinance existing HUD loans.
Davis said HUD’s new Lean funding program introduced sweeping changes in the way HUD loans are approved and processed. The Orchard Villa I loan was processed in the “Green Lane,” a special queue created by HUD to fast-track low risk loans.
Contact: Evan Washington, Phone: (312) 521-7604, Fax: (312) 357-1611, E-Mail: ew@cambridgecap.com
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