Cambridge Realty Capital Sees Loan Requests Topping $3.72 Billion in 2010
Cambridge Realty Capital Companies recently announced that it processed 267 loan origination requests in 2010 totaling $3.72 billion, or slightly fewer than last year when the company reviewed 298 loan requests totaling $4.0 billion.
“Loan origination request volume remained strong but Cambridge was forced by reality to be more selective in the type of loans logged into the company’s internal processing system,” noted Chairman Jeffrey A. Davis. “Although down slightly, when technical adjustments are taken into account, our numbers do, in fact, confirm reports that lending activity is increasing. But deals are being completed at very low loan-to-value ratios with more conservative underwriting guidelines.”
Lamey Bridge Senior Development, LLC Closes on Funding
Lamey Bridge Senior Development recently closed on the funding for their 118 unit, affordable senior complex that will be located in D’Iberville, Mississippi . The complex will be subsidized with funds from the Mississippi Development Agency (MDA) and target seniors at or below the 80% median income level and will offer amenities that allow the residents to live an active lifestyle. 51% of the residents will receive a rent subsidy from the MDA funds. Lamey Bridge Senior Development expects to break ground in early 2011.
CLW Health Care Services Group Sells Two Chicago CCRCs
CLW Health Care Services Group is pleased to announce the sale of Sedgebrook and Monarch Landing, two Chicago area continuing care retirement communities with 963 total units. CLW represented Sedgebrook, Inc. and Monarch Landing, Inc. in the sale. The buyer is an affiliate of Senior Care Development, LLC and its capital partner Fundamental Advisors.
PEP Housing To Name New Affordable Development After Founder
PEP Housing recently announced that it will name its next affordable apartment complex after founder and board president emeritus Reverend Tim Kellgren. The project will be located in Petaluma, California and will be the group’s thirteenth. Groundbreaking is expected to occur in 2012 and will have a total of 50 units.
“We are absolutely thrilled to honor PEP Housing’s founder by naming our next Petaluma development after him,” exclaimed Executive Director Mary Stompe. “In addition to starting the organization, Rev. Kellgren and Elim Lutheran Church have become long-time supporters that the organization can count on no matter what turn the economy takes.”