Baltimore Affordable Senior Property Lands $33M HUD Loan
MultiHousing News | May 31, 2018
Cambridge Realty Capital Cos. has structured a $32.8 million HUD-insured loan for the purchase and partial upgrade of Zion Towers in Baltimore. According to Yardi Matrix data, National Preservation Housing Partners purchased the 211-unit affordable senior housing community from SHP Acquisitions, for $39 million. The fully amortized, non-recourse 35-year term loan, funded by tax-exempt bonds, uses the HUD Section 207 pursuant to Section 223(f) mortgage insurance program.