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Brokerage
Posted: September 12, 2011
Cambridge provides $5.2 million HUD Lean loan
Cambridge Realty Capital Cos. has provided a $5.2 million HUD Lean loan to refinance the Lakeland Rehab and Healthcare Center, a 133-bed skilled nursing facility. Cambridge chairman Jeffrey Davis said the fully amortized, 30-year term first mortgage loan was arranged for the property's owner, an Illinois limited liability company, using the HUD Section 232 pursuant to Section 223(f) funding program. Underwriting the loan was Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured HUD loans. The interest rate was not disclosed.
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