Cambridge Realty Cos. reports that it has closed a $12.9 million Federal Housing Administration (FHA)-insured first-mortgage loan refinancing: Alden Village North, a 128-bed skilled care pediatric facility in Chicago.
The fully amortized, 40-year-term loan was arranged for the property's owner, an Illinois limited liability company, says Jeffrey A. Davis, Cambridge's chairman. The loan used the Department of Housing and Urban Development's (HUD) Section 232 MAP funding program and also covered rehabilitation costs.
Davis says the loan was underwritten by Cambridge Realty Capital Ltd. of Illinois, the Cambridge subsidiary responsible for underwriting HUD Section 232 loans. The interest rate was not disclosed.
SOURCE: Cambridge Realty Cos.