Cambridge offers up $12 mill in IL.Cambridge Realty Capital Companies has provided $12.1 million in FHA-insured HUD Hud (h  d), a pre-Qur'anic prophet of Islam. Hud unsuccessfully exhorted his South Arabian people, the Ad, to worship the One God. financing to fund the purchases of two separate skilled nursing home/ assisted living as·sist·ed livingn. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. facilities in Pekin Pekin (pē`kĭn), city (1990 pop. 32,254), seat of Tazewell co., central Ill., a port on the Illinois River; inc. 1839. A processing, rail, and shipping point in a grain, livestock, and dairying area, Pekin has a large food industry. and Pittsfield, Illinois. Cambridge Chairman Jeffrey A. Davis said Cambridge provided a $6.48 million HUD loan to fund the purchase of Pekin Manor, a 132-bed, non-profit property in Pekin. A $5.6 million HUD loan was used to purchase Pittsfield Manor, a 103-bed non-profit facility in Pittsfield. Davis said both loans were underwritten by Cambridge Realty Capital Ltd. of Illinois for the properties' common owner, an Illinois limited liability company. The loans were secured using HUD's Section 232 pursuant to Section 223(f) program with the Pittsfield Manor loan a fully-amortized 33-year term loan and the Pekin Manor loan a fully-amortized 33-year loan. The interest rate was not disclosed. Pekin Manor has 120 skilled nursing and 12 assisted living beds and Pittsfield Manor has 81 skilled and 22 assisted living beds. Privately owned since its founding in 1983 as a real estate investment banker Investment Banker A person representing a financial institution that is in the business of raising capital for corporations and municipalities. Notes: An investment banker may not accept deposits or make commercial loans. specializing in commercial real estate properties, Cambridge emerged in the 1990s as one of the nation's leading senior housing and healthcare debt and equity capital providers, closing more than 275 such transactions totaling more than $1.75 billion. The company is one of the nation's leading HUD 232 FHA See Federal Housing Administration. FHA See Federal Housing Administration (FHA). / MAP-approved lenders and also has an integrated debt / equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. strategy that includes direct property acquisitions and joint ventures; sale / lease-backs for clients; conventional and mezzanine debt financing; and acquisition of distressed debt. Additionally, Cambridge is the sole correspondent specializing in senior housing for American Property Financing, Inc., a Fannie Mae DUS DUS Driving Under Suspension (criminal charge) DUS Dwelling Unit (real estate) DUS Dynamic Underground Stripping DUS Dusseldorf, Germany - Dusseldorf (Airport Code) lender, and offers a wide array of conventional lending options for senior housing / healthcare owners, including permanent construction and interim loans on either a floating or variable rate basis. |
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