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2005-013
Red Mortgage Capital Provides $9.5 Million in FHA Financing for Two Skilled Nursing Facilities
Canterbury Billa Nursing Center
Alliance, Ohio
Columbus, OH, May 27, 2005 – Red Mortgage Capital, Inc., the mortgage lending arm of integrated capital provider RED CAPITAL GROUP and the country’s 4th ranked FHA lender, recently closed two FHA Insured Mortgage Loans under HUD’s Multifamily Accelerated Process ("MAP") program to finance two existing skilled nursing facilities in Northeast Ohio.
Constructed in 1982, Canterbury Villa Nursing Center ("Canterbury") is a single-story, 92-bed facility located in Alliance, Ohio. The 47 private and semi-private rooms are located in four separate wings with one wing dedicated to Alzheimer/Dementia patients. Each wing houses 10-12 resident rooms, a common shower room and lounging/sitting areas. Recent upgrades to the facility include a resident activity center and a re-designed courtyard. Canterbury is Medicare/Medicaid certified.
Oak Pointe Nursing & Rehabilitation Center ("Oak Pointe") was built in 1983 and consists of a one-story, 47 semi-private unit/94-bed facility located in Baltic, Ohio. The facility is separated into six zones with a zone dedicated to Alzheimer/Dementia patients, and two zones dedicated to behavioral management patients. Recent upgrades to the facilities include a newly refurbished courtyard area.
Red Mortgage Capital, Inc., an FHA/MAP Lender, processed and funded a $5,236,000 mortgage loan for Canterbury and a $4,292,500 mortgage loan for Oak Pointe. Both loans have 25-year terms, are non-recourse and are insured via FHA’s Section 232/223(f) mortgage insurance program. The FHA insured loans were processed through the HUD-Cleveland office. The projects are owned by Francis E. Murphy. Mr. Murphy has 40 years of development and management experience with health care properties in the state of Ohio and has managed over 1000 skilled nursing beds in five states.
Edward H. Tellings, Director and FHA Chief Underwriter, said, "RED is pleased to have had this first time opportunity to work with Mr. Murphy to provide long-term, low-cost FHA Financing for his nursing home facilities."
Oak Pointe Nursing & Rehabilitation Center
Baltic, Ohio
