Cambridge Arranges $14M Conventional Loan for 3 Assisted Living Properties in Glendale and Valley Village, CA

CHICAGO, IL--Cambridge Realty Capital Companies has closed on a $14 million, three-year conventional mortgage loan for a portfolio of three assisted living properties located in Glendale and Valley Village, Calif., Chairman Jeffrey A. Davis announced.

Davis said Cambridge originally provided HUD financing for two of the properties, the Glen Park East Retirement Community and Glen Park West Retirement Community in Glendale, Calif., 12 years ago in 1998.

 The third property included in the transaction is the Laurel Canyon Retirement Community in Valley Village, Calif.

According to Davis, the loan package provided cash-out for the borrowers and estate planning assistance and allowed them to continue in their ownership for three separate limited liability companies administered by owner Tillman Pink III.

Davis says the company’s long-term relationship with the borrowers dates back more than 15 years. The new three-year conventional loan, amortized over a period of 25 years, was coordinated in house by Cambridge.

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.


MORE OPPORTUNISTIC FINANCING STRATEGY MIGHT SERVE SENIOR HOUSING/HEALTHCARE BORROWERS BETTER, FUNDING EXPERT BELIEVES

CHICAGO, IL--If economists at the Federal Reserve Board have it right, a return to economic normalcy is not in the cards anytime soon.

In the Dickensian picture painted by the Fed, unemployment remains high but the odds of inflation ramping out of control are low.

Both household and business spending have been increasing, but “international spillover” from the European debt crisis is causing further contraction in the U.S. capital market.

“From the perspective of senior housing/healthcare owners and investors, it is the best of times because interest rates are near historic lows and drifting lower. But tight credit markets remain problematic,” funding expert Jeffrey A. Davis (middle right photo)  observes.

Davis is Chairman of Cambridge Realty Capital Companies, one of the nation’s leading senior housing healthcare lenders. The firm also is involved in property acquisitions and joint venture investments through its Cambridge Investment & Finance Co. subsidiary.

“The Fed is suggesting that it could take another five to seven years for the economy to work its way back to what passed for normalcy not long ago.

" In the meantime, senior housing/healthcare owners may be well advised to consider a long-term financial strategy that is both patient and opportunistic,” he suggests.

For example, for borrowers who can take advantage, interest rates on HUD 232 Lean loans are near rock bottom after drifting steadily lower in recent weeks.

HUD rates tend to move up and down based on developments in the U.S. government bond market. And rates on 10-year Treasury notes have been moving steadily lower, from 3.76 percent in April to 3.03 percent by mid-July, as investors forsook volatility in the stock market, Davis points out.

“Although opportunities for funding new construction are limited, refinancing an existing loan using the new HUD Lean product should make sense to a growing number senior housing/healthcare owners,” he believes.

Contact: Evan Washington, Phone: (312) 521-7603, Fax: (312) 357-1611, E-Mail: ew@cambridgecap.com, Twitter: http://twitter.com/CambridgeCap