CHICAGO HEIGHTS, Ill., and FLORENCE, Ky. — Cambridge Realty Capital has provided $52.2 million in HUD financing for three affordable seniors housing communities in Kentucky and Illinois.
The Kentucky transaction consisted of two facilities totaling 214 rental units located in Florence. The Chicago Heights community features 320 units.
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.
The borrowers are based in Illinois are long-term Cambridge clients.