Monday, March 7, 2011
Cambridge Provides Insured $7.6 Million HUD Loan to Refinance Huntington Retirement Hotel in Torrance, CA
CHICAGO, IL--Cambridge Realty Capital Companies has provided a $7.6 million FHA-insured HUD mortgage loan to refinance Huntington Retirement Hotel a 155-bed assisted living community in Torrance, California.
Cambridge Chairman Jeffrey A. Davis says the transaction was coordinated by Hymie Barber, the company’s national origination manager.
It was underwritten for the owner, a California limited partnership, by Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that underwrites HUD Section 232 loans.
Davis said the fully-amortized, 28-year term loan was financed using HUD’s 223(a)(7) program for owners with existing HUD financing. The interest rate was not disclosed.
Contact: Evan Washington, Phone: (312) 521-7604, Fax: (312) 357-1611