Andrew Delman is a true believer in the adage that honesty is the best policy.
As the owner of Deerfield, Ill.-based National Preservation Housing Partners (NPHP), he currently owns 38 low-income Section 8 senior housing properties in Illinois, Arizona, Pennsylvania, Indiana, and Kentucky. Because of his commitment to Section 8 projects, he regularly is asked to participate and speak to various industry groups, and to provide training sessions for HUD employees and managers at various HUD offices.
With Cambridge Realty Capital in the current century, Mr. Delman says he has closed about 25 HUD loans totaling more than $200 million. The financing provided has funded both the acquisition and/or refinancing of existing senior Section 8 properties.
“First and foremost, Cambridge is professional, knowledgeable – and honest. The company doesn’t promise what the borrower wants to hear but what it can get done.
“When working with Cambridge, the profit and fee structure is transparent. And the company has experience and knowledge with the HUD product that is second to none,” he said.
Mr. Delman believes Cambridge is driven by a desire to close transactions, not just earn a fee. He strongly recommends the lender to anyone who is shopping for realistic expectations.
“Setting realistic expectations, building relationships and treating people fairly inspires loyalty and is what Cambridge is all about,” he said.
At Cambridge, Mr. Delman’s primary contacts are Andy Erkes and Tony Marino. Mr. Erkes is President of Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that underwrites HUD loans. Mr. Marino is a vice president with the company.
“The HUD end product may appear to be a commodity but the process that delivers it is not. This especially applies to low income Section 8 senior buildings, which can require various federal and state approvals and a low income tax credit (LIHTC).
“The underwriting complexities can be especially challenging because of the stringent criteria involved when combing more than one federal program. Cambridge is my first choice in any FHA financing because the company can be relied upon to find solutions for whatever problems arise,” he said.
“What you hear from Cambridge you can trust,” he added.