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2005-008
RED Provides $21 Million of Seniors DUS Financing
Permanent Loans Secured for Two LifeStyles, LLC Properties
Glenwood Place
Vancouver, Washington
Columbus, OH, May 18, 2005–Red Mortgage Capital, Inc., the nation’s top Fannie Mae DUS™ lender for Seniors Housing in both 2003 and 2004, recently financed seniors housing properties in Vancouver, Washington and Elk Grove, California with 25 year, fully amortizing Fannie Mae loan structures.
The properties financed include Glenwood Place (84 independent and 115 assisted living units) and The Meadows (70 assisted living units and 24 Alzheimer’s care units). Amenities at Glenwood Place include a barber/beauty shop, billiard room, fitness facility, indoor pool with hot tub, resident social and sitting areas, three meals daily, transportation, utilities, activities and weekly housekeeping. Amenities at The Meadows include barber/beauty shop, central kitchen and laundry, whirlpool area, exercise room, computer room, resident social or sitting areas, three meals daily, transportation, utilities, activities and weekly housekeeping.
Both of the properties are operated by LifeStyles, which operates 16 senior housing communities with more than 1,615 units, providing independent living, assisted living and Alzheimer’s care units.
Red previously provided bridge and subsequent Fannie Mae MBS/DUS permanent loan financing for two other LifeStyles properties: Skyline Place & McLoughlin Place bringing Red’s total financing with LifeStyles affiliates to more than $48 million.
Paul Dendy, President of LifeStyles said, "Thank you all for the successful transaction, professionalism, and flexibility displayed throughout the process. The transaction went smoothly and we are happy with the loans and the rates".
Casey N. Moore, Director, Red Mortgage Capital, Inc. said, "Red is pleased to have had the opportunity to work with LifeStyles, a significant regional operator in the senior housing industry, on this new Fannie Mae financing. We appreciate the high level of professionalism and effort from LifeStyle’s principals and staff in working these deals to a successful completion."
The Meadows
Elk Grove, California
