Cambridge Arranges $32.7 Million HUD Loan To Refinance Zion Towers In Baltimore, MD.

July 2018 Capital Wisdom #7

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Cambridge Arranges $32.7 Million HUD Loan To Refinance Zion Towers In Baltimore, MD

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.

Thorough Understanding Of State Regulations Key To Building New Senior Housing Facilities

The Empire State is known to be one of the hardest markets to break into when it comes to new senior housing builds, although it is certainly not due to lack of need, particularly for low to moderate-income seniors. In 2016, the number of people waiting for affordable senior housing was estimated to be approximately 200,000. The average individual wait time is a disheartening seven years.

Why High Acuity Senior Care Facilities Need HUD Loans And Why Cambridge Is The Place To Get One

When the FHA loan (which later became the "HUD" loan) was first created, it was designed with a two-fold mission: to put American families into their own homes, and to stimulate a near-stagnant construction industry. Today, the HUD loan is still associated with that original mission.

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Cambridge Not A One-Trick Pony, Chairman Says

In a decade marred by over-building and credit woes, the management team at Cambridge Realty Capital Companies made a critical strategic move.

“We decided to focus our energies exclusively on the senior care industry,” Chairman Jeffrey A. Davis explains.

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