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2005-015
Red Provides Extended Rate Lock Financing for $26.7 Million on Pittsburgh Property Located in the Historic South Side Works Neighborhood
Carson Street Apartments
Pittsburgh, Pennsylvania
Columbus, OH, June 17, 2005 – Red Mortgage Capital, Inc., the mortgage banking unit of integrated multifamily capital provider RED CAPITAL GROUP, arranged an Extended Rate Lock under the Fannie Mae DUS™ program permitting the Borrower to rate lock prior to the completion of underwriting. The permanent financing totaled $26.7 million for this newly-developed multifamily property, Carson Street Commons. The community is owned by South Pittsburgh, LLC. RED provided financing which carries a 10-year term and 30-year amortization period. The loan is also an extended maturity loan, which provides the Borrower with flexibility either to refinance the loan at the end of the tenth year or to extend it for a final year on a LIBOR-based (floating rate) payment. During the extension period, the Borrower may prepay the balance at par at any time.
The 270-newly-developed-apartment-units are situated on a 6.4 acre site on East Carson Street at 26 th. East Carson Street is the primary commercial roadway through the historic South Side neighborhood in Pittsburgh , Pennsylvania . Carson Street Commons consist of six buildings with one- and two- bedroom and townhouse units ranging in size from 575 to 1,440 sq. ft, all with popular 9 ft. ceilings. In addition to a full range of upscale unit amenities, the development has a 24-hour fitness center, and it offers on-site garage and surface parking spaces. All parking is contained in a secure location in the interior of the development.
Carson Street Commons also has 12,858 sq. ft. of commercial retail space fronting Carson Street. The South Side Works development, which is adjacent to the property, contains over 265,000 sq.ft. of retail and restaurant space, and 177,000 sq. ft. of office space, adding additional retail and community amenities for the residents of Carson Street Commons.
David Royer, VP Finance & Development, of Continental Real Estate Companies said, "Once again Red Mortgage Capital provided us with the structuring flexibility to meet the needs of our partnership with Nationwide Realty Investors. Given today’s interest rate environment, Red also provided the most efficient rate lock when compared to the competition, which was high on our priority list."
William T. Hinga, Managing Director of Red Mortgage Capital, Inc. said, "We were delighted to be able to work with Continental and Nationwide Realty Investors in securing the loan amount, structure, and Extended Rate Lock execution for this very successful and outstanding new multifamily development in the historic South Side Works Neighborhood of Pittsburgh."
