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Brokerage
Posted: September 13, 2010
Cambridge Realty Capital completes $8.6 million loan for 99-bed skilled-care facility
Cambridge Realty Capital Companies closed an $8.6 million FHA-insured HUD Lean mortgage loan for Apple Valley Christian Care Center, a 99-bed skilled-care nursing facility.
Cambridge chairman Jeffrey Davis said the fully-amortized, 28-year term loan was arranged for the owner, a California not-for-profit corporation, using HUD's Section 232 pursuant to Section 223(f). The interest rate was not disclosed.
Underwriting the loan was Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that underwrites HUD loans. The transaction was coordinated by national origination manager Hymie Barber and was processed in the "Green Lane," a special queue created by HUD to more swiftly process low-risk loans.
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