Cambridge Realty Capital Companies reports closing a $3.7 million HUD Lean first mortgage loan for Metropolis Nursing and Rehabilitation Center, a 103-bed skilled-care nursing home in Metropolis, Ill.
Cambridge Chairman Jeffrey A. Davis said the fully-amortized, 30-year term mortgage was arranged for the owner, a Missouri limited liability company, using the HUD Section 232 pursuant to Section 223(a)(7) refinance program. The loan was underwritten by Cambridge Realty Capital Ltd. of Illinois, the Cambridge business unit that specializes in FHA-insured HUD loans. The interest rate for the loan was not disclosed.
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