INTEREST RATE DIRECTION CHANGE BODES WELL FOR BORROWERS

INTEREST RATE DIRECTION CHANGE BODES WELL FOR

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INTEREST RATE DIRECTION CHANGE BODES WELL FOR BORROWERS

Senior housing / healthcare borrowers who did not take advantage of low interest rates earlier this year have been granted a reprieve.

Cambridge Realty Capital Companies Chairman Jeffrey A. Davis observes that interest rates bottomed with 10-year Treasuries at 3.25 percent last fall and rose steadily to about 4.8 percent in May. However, over the past 120 days, rates for 10-year Treasuries have reversed course, falling to as low as 4.15 percent in August. Rates were at 4.23% on Friday, August 27th.

The war in Iraq, terrorist threats at home, potential slowing of the economy, and rising oil prices all have been factors in recent rate declines. This bodes well for senior housing / healthcare borrowers who are in the market at this time, Davis said.

He noted that the current rate for refinancing existing senior housing / healthcare loans utilizing HUDs 223(A)7 program is in the 5.25% to 5.55% range.

In the current climate, loans that are 24 months or older and do not have a pre-payment penalty could be candidates for refinancing. And even if a loan was closed during the last five years with a pre-payment penalty, it should still be examined, as todays lower borrowing costs could offset many penalties within 24 months or less, he added.

Privately owned since its founding in 1983 as a real estate investment banker specializing in commercial real estate properties, Cambridge emerged from the 1990s into the new millennium as one of the nations leading senior housing and healthcare debt and equity capital providers, closing more than 250 such transactions totaling more than $1.5 billion during this period.

The company is one of the nations leading HUD 232 FHA / MAP-approved lenders and also has an integrated debt / equity financing strategy that includes direct property acquisitions and joint ventures; sale / lease-backs for clients; conventional and mezzanine debt financing; and acquisition of distressed debt.

Additionally, Cambridge is the sole correspondent specializing in senior housing for American Property Financing, Inc., a Fannie Mae DUS lender, and offers a wide array of conventional lending options for senior housing / healthcare owners, including permanent construction and interim loans on either a floating or variable rate basis.

Cambridge is the creator of The Signature Experience, a four-step process designed to transform the traditional lender / borrower relationship and identify ideal capital solutions for worthy projects. Additionally, the company has created four separate processes for customer groups that are designed to build and enhance long-term relationship potential and speed the way loans are processed and closed. Programs include The Key To Capital for senior housing owners, The Navigator Experience for senior housing brokers and mortgage bankers, The Principal Lender Network for lenders who refer loans to Cambridge, and The Relationship Building Experience for various industry-related consultants, including lawyers and accountants.

The company has a regional office in New York, affiliate offices in Baltimore and Los Angeles, and correspondent relationships in other U.S. cities. The firm also has established key origination relationships and a dozen or more Internet-based strategies.

Cambridges award-winning Web site, http://www.cambridgecap.com, provides weekly rate updates for its debt and equity capital programs and real-time interest rates. The company also sponsors a bi-weekly e-mail newsletter, e-PULSE! For additional information, contact Cambridge at (312) 357-1601 or via e-mail at info@cambridgecap.com.

Contact:
Karlene Holleman
Communications Coordinator
Telephone: 312-521-7606
Fax: 312-357-1611
E-Mail: karlene_holleman@cambridgecap.com

Source: 10/12/2004 MMag 410_036
Company: Cambridge Realty Capital
Contact: Karlene Holleman , karlene_holleman@cambridgecap.com , Phone: 312-357-1601 x115 , Fax: 312-357-1611

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