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$35.4 Million Production at Cambridge

Healthcare facilities production $75.4 million October YTD

December 23, 2002

By MortgageDaily.com staff

Cambridge Realty Capital Companies reported its production figures for the first ten months of 2002.

The Chicago-based company reported originating a total of $75.4 million in senior and healthcare loans from January to October.

That's a $35.4 million increase from the $40 million in closings Cambridge reported for the first six months.

The total for the first ten months last year was not immediately available, but a Cambridge spokesman said the figure for 2001 was larger than this year's.

"Given the current state of the economy, senior housing and healthcare lending has remained relatively strong, with low rates encouraging borrowers to refinance existing properties," chairman Jeffrey A. Davis said.

Cambridge also reported the number of total closed loans for the period at 17. Of those, 13 were first mortgages, insured by the U.S. Department of Housing and Urban Development.

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.

Cambridge says it is the sole Fannie Mae loan originator specializing in senior housing. Since it was formed in 1983, it has closed more than $5 billion in total financings, including $1.3 billion in senior housing/healthcare transactions, it says.

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