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Brokerage
Posted: February 5, 2010
Cambridge funds $12.5 million FHA-insured HUD loan to refinance The Ponds
Cambridge Realty Capital Companies closed a $12.5 million FHA-insured first mortgage loan to refinance The Ponds, a 116-bed assisted living facility.
Cambridge chairman Jeffrey Davis said the loan was originated by mortgage broker and consultant Rick Lynn of RML Financial for the borrower, an Illinois limited liability company. The fully amortized, 33-year term loan was underwritten by Cambridge Realty Capital Ltd. of Illinois using HUD's Section 232 pursuant to Section 223(f) funding program.
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