Cambridge Realty Capital Companies closes $7.4 million HUD LEAN loan

Cambridge Realty Capital Companies closed on a $7.4 million FHA-insured HUD LEAN loan for Ebenezer Primm Towers, a 107-unit senior independent living apartment community. Chairman Jeffrey Davis said that Cambridge Realty Capital Ltd. of Illinois, the company's HUD underwriting business, used HUD's Section 232 (a)(7) funding program for borrowers refinancing an existing HUD loan. The fully-amortized, 40-year term loan was arranged for the property's owner, an Illinois corporation. The interest rate was not disclosed.