Cambridge Reports Jumbo Loans Gaining Traction among Senior Housing Borrowers RISMEDIA, June 23, 2006—Demand for multi-facility conventional jumbo loans for the acquisition or refinancing of independent living retirement apartments and assisted living facilities is on the rise, reports Cambridge Realty Capital Companies, one of the nation’s leading senior housing and healthcare lenders.
“Inquiries have picked up, and we’re getting a lot more input and feedback from investors regarding jumbo loans totaling $25 million or more,” said Cambridge Chairman Jeffrey A. Davis.
Over the past 10 years Cambridge has closed more than 275 senior housing/healthcare loans totaling more than $1.75 billion, he said.
“At this time, there’s a lot of activity in senior housing. Apparently, interest rate volatility is convincing borrowers that this is a good time to move away from different types of floating rate mortgages,” he noted.
Available nationwide are fixed-rate jumbo programs keyed to U.S. Treasuries plus 1.50 percent to 2.50 percent, and floating rate programs based on LIBOR plus 1.50 percent to 2.50 percent.
“Our funding partners for these products are major domestic insurance companies or pension funds. Loans are available for terms of seven to 20 years with amortization between 20 and 30 years,” he said.
Davis said loan-to-value for the non-recourse jumbo loans ranges up to 80 percent. Conventional underwriting procedures apply.
Privately owned since its founding in 1983 as a real estate investment banker specializing in commercial real estate properties, Cambridge emerged in the 1990s as one of the nation’s leading senior housing and healthcare debt and equity capital providers, closing more than 275 such transactions totaling more than $1.75 billion.
For more information, visit www.cambridgecap.com or contact Cambridge at (312) 357-1601 or via e-mail at info@cambridgecap.com. |
