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CHICAGO — Cambridge Realty Capital has provided $49.7 million in HUD-insured first mortgage financing for a portfolio of five affordable seniors housing communities located in Arizona and Pennsylvania.
Totaling 150 units, the Arizona property is located in Tucson. The Pennsylvania properties together comprise 321 units and are located in Danville, Clarks Summit and Hanover Township.
According to Zach Scardina of Chicago-based Cambridge Realty Capital, the loans feature a fixed-rate, 35-year fully amortizing term. Funds from the loans will be used to retire existing debt, recapture equity and implement modernizations at the communities.