Tony Marino, Cambridge’s Managing Director, reported that Cambridge has provided $52,209,400 in HUD-insured Section 223(f) financing for three Affordable Multifamily properties located in Kentucky and Illinois.
The Kentucky transaction consisted of two senior housing facilities totaling 214 rental units located in Florence, Kentucky; and a 320-unit affordable rental community located in Chicago Heights, Illinois.
Cambridges’ Early rate lock program was utilized, which allowed the Owner to avoid the run-up in interest rates at a fixed cost and secure the underwritten loan amounts, without reduction caused by changing market conditions. Marino stated that “Cambridge’s Early rate lock program allowed the Owner to fully mitigate the risk associated with rising interest rates and contributed to a more predictable and efficient HUD execution, including assurance that these projects raised sufficient funds to complete long-term repairs and efficiencies.”
The Borrowers were Illinois-based and are long-term Cambridge clients.
