Cambridge closes $1.62 million first mortgage for 54-unit elderly apartment building

Cambridge Realty Capital Cos. closed a $1.62 million FHA-insured HUD first mortgage loan for Villa Vianney Apartments, a 54-unit age-restricted, market-rate elderly apartment building. Chairman Jeffrey Davis said the fully-amortized 30-year term loan refinanced 18 buildings at the location. Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that underwrites insured loans, used HUD's Section 207 pursuant to HUD Section 223(f) program. The loan was arranged for the property's owner, an Illinois not-for-profit corporation. The interest rate was not disclosed.