$13.6 Million December Closings at Cambridge

Production down

February 24, 2003

By MortgageDaily.com staff

Cambridge Realty Capital Companies released its loan closings for the month of December, which represents less than half the amount in closings from the previous year. The strength of Cambridge's sector this year relies on the strength of the federal Medicare and Medicaid programs, a company spokeswoman said.

The Chicago-based company funded $13.6 million in loans during December, compared with $36.9 million in November and $30.1 million in December 2001.

Cambridge's fourth quarter closings totaled $56.9 million, an almost one-third increase from third quarter's $42.2 million but a slight 17% dip from fourth quarter 2001.

The company finances nursing homes, assisted living facilities, congregate care facilities, independent living facilities, acute care hospitals, behavioral healthcare facilities, and multifamily apartments related to retirement or senior housing.

The senior housing sector of the commercial mortgage industry will thrive in 2003 if Medicare and Medicaid remain strong, a Cambridge spokeswoman said. While facilities such as assisted living companies rely on private funds, funding for most facilities in the senior housing sector rely on Medicare and Medicaid.

Cambridge says it is the sole Fannie Mae loan originator specializing in senior housing.