Cambridge provides HUD-insured loan to refi nursing center.A $13.6 million 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. loan has been provided by Cambridge
Realty Capital Companies to refinance the Skokie Meadows Nursing Center,
a combined 224-bed intermediate care and board and care facility in
Skokie, Illinois.
Cambridge Chairman Jeffrey A. Davis said the property has 111 intermediate-care and 113 board and care units. The fully-amortized, 35-year term first mortgage was arranged for the owner, an Illinois limited liability company, by Cambridge Realty Capital Ltd. of Illinois, an FHA/MAP-approved HUD lender. Davis said the borrower qualified for HUD's Section 223(a)7 funding program. The interest rate was not disclosed. 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 300 such transactions totaling more than $2.75 billion since then. 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 / leasebacks for clients; conventional and mezzanine debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay ; and acquisition of distressed debt distressed debt Debt with low junk status and a market price substantially below par value, often pennies on the dollar. Investors sometimes buy distressed debt on the possibility that management can renegotiate loan agreements and keep the issuer out of . Additionally, Cambridge 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. Cambridge is the creator of The Signature Experience[TM], a four-step process designed to transform the traditional lender / borrower relationship and identify "ideal" capital solutions for worthy projects. The company has created four separate processes for customer groups that are designed to build and enhance long-term relationship potential and speed the way loans are processed and closed. Programs include The Key To Capital[TM] for senior housing owners, The Navigator Experience[TM] for senior housing brokers and mortgage bankers, The Principal Lender Network[TM] for lenders who refer loans to Cambridge, and The Relationship Building Experience[TM] for various industry-related consultants, including lawyers and accountants. The company has a regional office in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , affiliate office in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , and correspondent relationships nationwide. The firm also has established key origination relationships and a dozen or more Internet-based strategies. Cambridge's award-winning Web site, www.cambridgecap.com, provides monthly rate updates for its debt and equity capital programs. The company also publishes the bi-monthly e-PULSE electronic newsletter, which delivers company news and feature stories via email to corporate friends and clients. |
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