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September 2018 Capital Wisdom #9
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Cambridge Arranges $10 Million HUD Loan To Refinance Birchwood Suites Located In East Northport, NY

Cambridge Realty Capital Companies reports arranging a $10,372,300 HUD Lean loan to refinance a 92-bed assisted living/memory care/independent living facility located in East Northport, NY. Jeffrey A. Davis, Cambridge Chairman, said the fully-amortized, 26-year loan was arranged for the owner, a New York limited liability company, using the HUD Section 232 pursuant to Section 223(f) funding program, which is used to refinance existing loans. Underwriting the transaction was Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured HUD loans. 

Hurricanes, Labor Shortages Driving Up The Cost Of New Senior Housing. . .Cambridge Sees More Opportunity
For Existing Buildings

The possibility of new building of senior living slowing down has those with a stake in the senior living industry concerned about the future. The beginning of 2018 saw lumber prices up 13% over 2017, the result of the very active and destructive hurricane season as well as possible tariffs on wood imported from Canada. The labor shortage in many parts of the US hasn't helped matters. Developers of all types can’t proceed with plans without enough help on the ground.
 
Now that senior living new builds may become more scarce, it’s possible that even seniors with adequate retirement savings may have a tougher time finding senior housing. It’s a prospect that is troubling to senior living stakeholders of all types, including Cambridge Realty Capital Companies’ Chairman Jeffrey Davis. “We’re watching closely to see what, if anything, the fallout will be in the event that seniors needing housing outpace the ability for builders and existing senior care operators to keep up.”

Read more
National Organizations Manager and Managing Director of Catalyst/Cambridge Healthcare Finance Hymie Barber’s first interaction with Cambridge Realty Capital Chairman and President Jeffrey A. Davis almost ended before it began. Barber fondly recounts the deal that may not have happened if not for persistence on both his and Davis’ part in a candid video interview.
 

Cambridge Arranges $8.3 Million HUD Loan To Refinance Sheridan-Pratt Apartments Located In Chicago, IL

Cambridge Realty Capital Companies reports arranging a $8,300,000 HUD Lean loan to refinance Sheridan-Pratt Apartments, an 81-unit multi-family apartment building, located in Chicago, Illinois. Jeffrey A. Davis, Cambridge Chairman, said the fully-amortized, 35-year loan was arranged for the owner, an Illinois limited liability company, using HUD Section 207/223(f) pursuant to Section 223(a)7 funding program, which is used to refinance existing HUD loans. Underwriting the transaction was Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured HUD loans. 
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