Cambridge Realty Capital has funded $49,671,000 in first mortgage financing for Five Affordable Rental Apartment buildings for the elderly. The five properties are located in Pennsylvania and Arizona. Federal mortgage insurance was also arranged by Cambridge through HUD’s Section 223(f) program.
The Arizona property consists of 150 units and is located in Tucson. The HUD Loan was approved and closed by the San Francisco Multifamily HUD office.
The Pennsylvania properties consist of 321 units and are located in Danville, Clarks Summit and Hanover Township, Pennsylvania. The four Pennsylvania loans were approved and closed by the New York HUD Multifamily HUD office.
Zach Scardina, Cambridge’s Vice-President of Originations, said that the HUD loans provided a Fixed-Rate, 35-year fully amortizing term, and are of a non-recourse nature with a fully assumable structure. Funds were utilized to retire existing debt, recapture equity and provide modernization funding.
