Cambridge arranges $32.7 million HUD loan to refinance Zion Towers

265

Cambridge Realty Capital Companies reports funding a $32,750,000 HUD insured loan to purchase and moderately rehabilitate Zion Towers, a 211-unit affordable elderly housing complex located in Baltimore, MD. Jeffery A. Davis, Cambridge Chairman, said the fully-amortized, non-recourse 35-year term loan was provided to the owner, a Delaware limited liability company, using the HUD Section 207 pursuant to Section 223(f) mortgage insurance program.

The HUD-insured loan was funded by Tax Exempt Bonds. Owner equity was facilitated by Low Income Housing Tax Credits. Both the Tax Exempt Bonds and the Low Income Tax Credits were issued by the State of Maryland through its Community Development Authority.

The combination of HUD mortgage insurance, Tax Exempt Bonds and Low Income Housing Tax Credits were combined to modernize the 1970’s physical plant of Zion Towers, allowing Zion Towers to continue to provide much needed affordable housing to the lower income senior residents of Baltimore.

Privately owned since its founding in 1983 as a real estate investment banker specializing in commercial real estate properties, Cambridge today has three distinctive business units: FHA-insured HUD loans, conventional financing, and investments and acquisitions. The company is one of the nation’s leading senior housing and healthcare debt and equity capital providers, with more than 500 closed senior housing transactions totaling more than $5.5 billion since the early 1990’s, when the firm began its specialization in providing senior housing capital.

Cambridge has consistently ranked among the country’s top five FHA-insured HUD lenders (now HUD Lean) over the last 15 years and offers an array of conventional lending options, including permanent construction and interim loans on either a floating or variable rate basis. The company’s principal investment strategy includes direct property acquisitions, joint ventures and sale/leasebacks. The company has acquired 16 facilities totaling approximately $60 million.

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.