CHICAGO, IL--Cambridge Realty Capital Companies reports it has provided FHA-insured HUD re-financing for a portfolio of eight apartment homes for the elderly located in the Chicago metropolitan area and downstate Illinois.
Cambridge’s Andy Erkes (lower right photo) said the $52 million transaction refinanced two properties in Mt. Prospect and single properties in Zion, Fox Lake, Glen Ellen, Macomb, DeKalb, and Danville, Ill.
The owner of the properties is an Illinois limited partnership. All of the 39-year term loans were fully amortized he said.
To refinance the loans, Cambridge Realty Capital Ltd. of Illinois, the company’s HUD underwriting business, used HUD’s Section 223 (a)(7) funding program, which is used by borrowers refinancing existing HUD loans.
In Mt. Prospect, Cambridge provided a $7.69 million first mortgage loan for the 97-unit Centennial South Apartments and a $6.99 million loan for the 100-unit Centennial North Apartments.
Also refinanced were the 80-unit Carmel House Apartments in Zion, $5.72 million; the 104-unit Lakeland Apartments in Fox Lake, $6.78 million; the 80-unit Forest Apartments in Glen Ellyn, $6.38 million; the 115-unit Jefferson House in Macomb, $5.62 million; the 110-unit Colonial House Apartments in DeKalb, $5.83 million; and the 160-unit Vermillion House Apartments in Danville, $7.12 million.
Contact:
Evan Washington
Phone: (312) 521-7604
Fax: (312) 357-1611
E-Mail: ew@cambridgecap.com
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