CHICAGO, IL--Cambridge Realty Capital Companies reports closing a $30.2 million FHA-insured HUD Lean mortgage to refinance the Huntington Hills Center for Health & Rehabilitation, (top left photo) a 320-bed skilled care nursing facility in Melville, N.Y.
Cambridge Chairman Jeffrey A. Davis (lower right photo) said the fully-amortized, 30-year term loan was arranged for the owner, a New York limited liability company.
The loan was coordinated by Cambridge’s National Origination Manager Hymie Barber and underwritten by Cambridge Realty Capital Ltd. Of Illinois, the Cambridge business unit that specializing in underwriting HUD Lean loans.
Davis said Cambridge utilized HUD’s Section 232 pursuant to Section 223(a)(7) Lean financing program for borrowers refinancing an existing HUD loan. The loan was processed in the “Green Lane,” a special queue created by HUD for processing low-risk loans. Cambridge is the creator of The Signature Experience™, a four-step process designed to transform the traditional lender/borrower relationship and identify “ideal” capital solutions for worthy projects. The company has a national origination office in Los Angeles, and numerous correspondent and brokerage relationships nationwide.
Contact: Evan Washington, Phone: (312) 521-7604, Fax: (312) 357-1611, E-Mail: ew@cambridgecap.com
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